PROPERTY LAW ACT 1974 - SECT 84
Regulation of exercise of power of sale
PROPERTY LAW ACT 1974 - SECT 84
Regulation of exercise of power of sale
84 Regulation of exercise of power of sale
(1) A mortgagee shall not exercise the power of sale conferred by this Act or
otherwise unless and until—
(a) default has been made in payment of the
principal money or interest or any part of it secured by the instrument of
mortgage, and notice requiring payment of the amount the failure to pay which
constituted the default under such instrument of mortgage has been served on
the mortgagor and such default has continued for a space of 30 days from
service of the notice; or
(b) default has been made in the observance or
fulfilment of some provision contained in the instrument of mortgage or
implied by this or any other Act and on the part of the mortgagor, or of some
person concurring in making the mortgage, to be observed and performed, and
notice requiring the default to be remedied has been served on the mortgagor,
and such default has continued for the space of 30 days from service of the
notice.
(2) A notice under this section may be in the approved form.
(3)
This section applies, despite any stipulation to the contrary and despite
section 49, to mortgages made whether before or after the commencement of
this Act, but only to the exercise of a power of sale arising upon or in
consequence of a default occurring after the commencement of this Act.
(4) A
reference in any instrument of mortgage to the power of sale conferred on a
mortgagee by any 1 or more of the Act s repealed by the Land Title Act 1994shall be construed as a reference to the power of sale conferred by this Act.
(5) Nothing in this section applies to the exercise by a mortgagee of the
power of sale conferred on a mortgagee under the Land Act.
