Section 124 — Property Law Act 2007: Conditional sale of land permitted before expiry of notice

124 Conditional sale of land permitted before expiry of notice (1) For the purposes of sections 119 to 122 , a mortgagee or receiver does not exercise a power to sell mortgaged land, by reason of a default, by entering into a contract to sell, or granting an option to purchase, the land if the contract or option is conditional on the default not being remedied by the expiry of the period specified in a notice served under section 119 . (2) Subsection (1) applies whether the contract is entered into, or the option is granted, before or after the service of the notice referred to in section 119 or 122 . Compare: 1952 No 51 s 92(1AA)