Section 140 — Property Law Act 2007: Mortgagees in possession of accounts receivable

140 Mortgagees in possession of accounts receivable (1) For the purposes of this Part, a mortgagee under a mortgage over accounts receivable who is entitled to receive payment of accounts receivable must be treated as becoming a mortgagee in possession of the accounts receivable on the date on which the mortgagee first requires payment from any debtor. (2) A reference to the date or time of entry into possession of accounts receivable by a mortgagee in possession has a corresponding meaning.