Section 139 — Property Law Act 2007: When mortgagee becomes mortgagee in possession

139 When mortgagee becomes mortgagee in possession (1) A mortgagee who exercises a power to enter into possession of mortgaged land or goods in accordance with section 137 becomes a mortgagee in possession of the land or goods on the earlier of— (a) the date on which the mortgagee enters into, or takes, physical possession of the land or goods; or (b) the date on which the mortgagee first receives any income from the land or goods as mortgagee in possession; or (c) the date of an application to the court for an order for possession of the land or goods by the mortgagee if the court makes the order. (2) A reference to the date or time of entry into possession of land or goods by a mortgagee in possession has a corresponding meaning.