Sch 1 (National Credit Code), s 105
In forceMatters for which account can be debited after mortgagee sale of goods
Volume 1Chapters 1 to 6 (sections 1 to 322)
Chapter 6Compliance and enforcement
Part 6-5Hearings
Division 2Hearings
105 Matters for which account can be debited after mortgagee sale of goods
A credit provider that sells mortgaged goods under section 104 is entitled to deduct from the proceeds of that sale only the following amounts:
(a)
the amount currently secured by the mortgage in relation to the credit contract, not being more than the amount required to discharge the contract;
(b)
the amount payable to discharge any prior mortgage to which the goods were subject;
(c)
the amounts payable in successive discharge of any subsequent mortgages to which the goods were subject and of which the credit provider had notice;
(d)
the credit provider’s reasonable enforcement expenses.
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.