98
In forceBlanket securities over property or assets prohibited
Part IVRegulated mortgages
Division 1General
98 Blanket securities over property or assets prohibited
(1)
Subject to subsection (2), a provision in a mortgage to the effect that a mortgagor charges all his property or assets or all his property and assets and that does not specify the property or assets is void.
(2)
Subsection (1) does not apply to a provision in a mortgage to the effect that a mortgagor charges only property or assets of a business carried on by him.
(3)
A mortgagee shall not enter into a mortgage that includes a provision that, by reason of subsection (1), is void.
- 20 penalty units.
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