COMMUNITY TITLE ACT 2001 - SECT 95 Notice of intention not to proceed to enforce mortgage
COMMUNITY TITLE ACT 2001 - SECT 95
Notice of intention not to proceed to enforce mortgage(1) A mortgagee in possession of a lot included in a community title scheme commits an offence if the mortgagee—
(a) decides not to enforce the mortgage; and
(b) fails to immediately give written notice of the decision to the body corporate.
Maximum penalty: 20 penalty units.
(2) An offence against this section is a strict liability offence.
(3) On giving the written notice, the mortgagee ceases to be a mortgagee in possession of the lot and is not the owner of the lot under this Act.