TRANSFER OF LAND ACT 1958 - SECT 76 Procedure in case of default in payment of moneys secured
TRANSFER OF LAND ACT 1958 - SECT 76
Procedure in case of default in payment of moneys securedS. 76(1) amended by Nos 6975 s. 27(b), 18/1989 s. 12(Sch. 1 item 109).
(1) If default is made in payment of the principal sum interest or annuity secured or any part thereof or in the performance or observance of any covenant express or implied in any such mortgage or charge and continues for one month or such other period as is therein expressly fixed, the mortgagee or annuitant may serve on the mortgagor or grantor of the annuity and such other persons as appear by the Register to be affected notice in writing to pay the money owing or to perform and observe the covenants (as the case may be).
(2) Where money secured by any such mortgage is made payable on demand a demand in writing pursuant to the mortgage shall for the purposes of this Act be equivalent to serving the notice aforesaid.
S. 76(3) inserted by No. 106/2004 s. 17.
(3) A notice or demand referred to in subsection (1) or (2) must also be served on the Director within the meaning of the Housing Act 1983 if—
(a) the mortgage or charge affects land in which the Director has an interest under section 107 of that Act; and
(b) the interest of the Director is recorded on the Register.
No. 5842 s. 77.