Restriction on exercise of powers
110 Restriction on exercise of powers
S. 110(1) amended by No. 52/1998 s. 24(1).
A mortgagee shall not, except with the consent of the Tribunal, take possession (otherwise than under section 106) of goods subject to a regulated mortgage or otherwise exercise his powers under such a mortgage in relation to property other than land if the outstanding balance of the amount financed under the contract to which the mortgage relates is less than one-quarter of the total amount financed.
- 20 penalty units.
Subsection (1) does not apply where the mortgagee believes on reasonable grounds that the mortgagor has removed, concealed or damaged the property or attempted to remove, conceal, damage, sell, dispose of or part with possession of the property.
The onus of proving that, by reason of subsection (2), subsection (1) does not apply, is on the mortgagee.
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