LAND ADMINISTRATION ACT 1997 - SECT 76
LAND ADMINISTRATION ACT 1997 - SECT 76
76 . Mortgagee of conditional tenure land, duties of in case of mortgagor’s default
(1) If the holder of
the freehold in conditional tenure land subject to a mortgage defaults under
the mortgage, the mortgagee must give the Minister notice in writing not less
than 28 days before the mortgagee exercises any power under the mortgage in
respect of that default.
(2) Subject to
subsection (3), the mortgagee must not exercise the mortgagee’s power of
sale under the mortgage until the Minister has been paid the relevant amount
referred to in section 75(4)(b)(i) or (ii) in respect of the conditional
tenure land.
(3) The Minister may
allow the mortgagee to exercise the power of sale referred to in subsection
(2) before payment of the relevant amount referred to in that subsection if
the mortgagee gives the Minister security to the satisfaction of the Minister
for the payment of that amount on completion of that exercise.
(4) When the fee
simple of the conditional tenure land is sold by the mortgagee in accordance
with this section, the land ceases to be subject to the conditions referred to
in section 75(1).
[Section 76 amended: No. 4 of 2023 s. 92.]