Section 121 — Property Law Act 2007: Copy of notice under section 119 must be served on former mortgagor, covenantor, subsequent mortgagee, and caveator

121 Copy of notice under section 119 must be served on former mortgagor, covenantor, subsequent mortgagee, and caveator (1) A copy of the notice served under section 119 must, as soon as possible, be served (whether by the mortgagee or receiver) on the following persons if either the mortgagee or receiver has actual notice of the name and address of the person: (a) any former mortgagor: (b) any covenantor: (c) any mortgagee under a subsequent mortgage, and any holder of any other subsequent encumbrance, over the mortgaged land if— (i) the subsequent mortgage or other subsequent encumbrance is registered; or (ii) the subsequent mortgage or other subsequent encumbrance is unregistered, but either the mortgagee or receiver has actual notice of it; and (d) any person who has lodged a caveat under section 137 of the Land Transfer Act 1952, or a notice under section 42 of the Property (Relationships) Act 1976 having the effect of a caveat, against the title to the mortgaged land or any part of it. (2) A failure to comply with this section does not prevent— (a) any amounts secured by the mortgage from becoming payable; or (b) the exercise of the mortgagee’s power to enter into possession of the mortgaged land; or (c) the exercise of the receiver’s power to manage the mortgaged land or demand and recover income from it; or (d) the exercise of the mortgagee’s or receiver’s power to sell the mortgaged land. (3) However, if there is a failure to comply with this section, the mortgagee is liable in damages for any loss arising from that failure. Compare: 1952 No 51 s 92(4), (4A)