345
In forceMortgagee in possession may sell
Chapter 6Registration and dealings
Part 4Dealings affecting land
Division 4Mortgages
345 Mortgagee in possession may sell
(1)
A mortgagee is entitled to sell a lease if—
(a)
the lessee defaults under a mortgage; and
(b)
the mortgagee has entered into possession of the mortgaged lease or is exercising a power of sale under the mortgage; and
(c)
the mortgagee complies with this division.
(2)
The mortgagee must notify the Minister within 28 days of entering into possession of the mortgaged lease.Maximum penalty—5 penalty units.
This Act’s bill:Explanatory memorandum
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