Section 127 — Property Law Act 2007: Transitional provisions for notices given or served before commencement of Act

127 Transitional provisions for notices given or served before commencement of Act (1) If, before 1 January 2008, a mortgagee has given a notice in accordance with section 90 of the Property Law Act 1952,— (a) section 118 does not prevent the mortgagee from calling up as payable the principal amount on or after that date in accordance with the notice; and (b) section 90 of the Property Law Act 1952 continues to apply in relation to the notice as if it had not been repealed by this Act. (2) If, before 1 January 2008, a mortgagee has served a notice in accordance with section 92(1) of the Property Law Act 1952,— (a) section 119 does not prevent— (i) the mortgagee from exercising a power to enter into possession of the mortgaged land, or to sell the mortgaged land, on or after that date in accordance with the notice; or (ii) any amounts secured under the mortgage from becoming or being deemed to have become payable on or after that date in accordance with the notice; and (b) section 92 of the Property Law Act 1952 continues to apply in relation to the notice as if it had not been repealed by this Act. (3) If, before 1 January 2008, a mortgagee has served a notice under section 92(6) of the Property Law Act 1952,— (a) section 122 does not prevent the mortgagee from recovering a deficiency on or after that date in accordance with the notice; and (b) section 92 of the Property Law Act 1952 continues to apply in relation to the notice as if it had not been repealed by this Act.