Limitation on re-opening of transaction
149 Limitation on re-opening of transaction
Except as provided by subsection (2), a debtor, mortgagor or guarantor may not make an application under section 146 in respect of a regulated contract or a regulated mortgage—
in the case of a regulated mortgage under which the mortgagee has exercised a right to take possession of the property to which the mortgage relates—after the expiration of the period of two years after the time when the mortgagee served the notice referred to in section 107 on the mortgagor or guarantor; or
in any other case—after the expiration of the period of two years after the time when the contract or mortgage is terminated.
A debtor, mortgagor or guarantor may make an application under section 146 in respect of a regulated contract or a regulated mortgage during the period of the pendency of maintainable proceedings arising out of or in relation to the contract or mortgage, being proceedings (including cross-claims) that are pending against the debtor, mortgagor or guarantor.
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