Power of sale under a recorded mortgage
6 Power of sale under a recorded mortgage
The mortgagee of a recorded mortgage of a water share, in good faith and having regard to the interests of the mortgagor or other persons specified in clause 5(1)(d) and (e), may sell the water share that is subject to the mortgage if the mortgagor or those other persons do not comply with that notice or demand—
within one month after the service of a notice or demand under clause 5; or
any other period fixed in the instrument of mortgage.
A mortgagee who exercises a power of sale under this clause may, in accordance with this Act—
sell the water share subject to any terms and conditions that the mortgagee thinks fit; and
make and sign any transfers; and
do any acts or things necessary for effectuating a sale.
In the case of a mortgage to which clause 26 of Schedule 15 applies, where the mortgage is over one or more persons' undivided portion in a share—
the mortgagee can exercise a power of sale under this clause in relation to that part of the share; and
the exercise of that power of sale does not divide the water share.
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