Section 119 — Property Law Act 2007: Notice must be given to current mortgagor of mortgaged land of exercise of powers, etc

119 Notice must be given to current mortgagor of mortgaged land of exercise of powers, etc (1) No amounts secured by a mortgage over land are payable by any person under an acceleration clause, and no mortgagee or receiver may exercise a power specified in subsection (2), by reason of a default, unless— (a) a notice complying with section 120 has been served (whether by the mortgagee or receiver) on the person who, at the date of the service of the notice, is the current mortgagor; and (b) on the expiry of the period specified in the notice, the default has not been remedied. (2) The powers are— (a) the mortgagee’s power to enter into possession of mortgaged land: (b) the receiver’s power to manage mortgaged land or demand and recover income from mortgaged land: (c) the mortgagee’s or receiver’s power to sell mortgaged land. (3) Subsection (1) is subject to sections 125 and 126 . (4) A notice required by this section may be given in the same document as a notice under section 118 . Compare: 1952 No 51 s 92(1)