Effect of bankruptcy of the mortgagor on the power to sell or appoint a receiver
111 Effect of bankruptcy of the mortgagor on the power to sell or appoint a receiver
Where the statutory or express power for a mortgagee either to sell or to appoint a receiver is made exercisable by reason of the mortgagor committing an act of insolvency or an act of bankruptcy or being adjudged an insolvent or bankrupt, such power shall not be exercised only on account of the adjudication or the act of insolvency or bankruptcy, without the leave of the Supreme Court.
S. 111(2) amended by No. 9427 s. 6(1)(Sch. 5 item 146).
This section shall apply only where the mortgage deed is executed after the commencement of this Act; and in this section act of insolvency has the same meaning as act of bankruptcy has in the Bankruptcy Act 1966 of the Commonwealth.
No. 3754 s. 112.
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