Regulation of exercise of power of sale
59 Regulation of exercise of power of sale
A mortgagee shall not exercise the power of sale conferred by this Part unless and until —
where the mortgage money is not payable on demand, default has been made in payment of the mortgage money or part thereof or in the performance or observance of a covenant or condition in the mortgage; and
in any case, notice requiring payment of the mortgage money has been served on the mortgagor and default has been made in payment thereof for one month after service of the notice or for such other period as may be stipulated in the mortgage.
This section does not apply to a mortgage that is registered under the provisions of the Transfer of Land Act 1893.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.