Section 149 — Property Law Act 2007: Mortgagee in possession of land may harvest crops and timber

149 Mortgagee in possession of land may harvest crops and timber (1) A mortgagee in possession of mortgaged land may— (a) harvest and sell any crop growing on the land; and (b) cut and sell timber and other trees on the land that are ready for cutting and were not planted or left standing for shelter or ornament; and (c) make a contract with any person for a purpose referred to in paragraph (a) or (b). (2) A contract made for the purposes of subsection (1) must provide that it must be performed— (a) within 12 months from the date of the contract; or (b) within a longer period that a court may by order approve. (3) This section is subject to sections 100 and 101 of the Personal Property Securities Act 1999. Compare: 1952 No 51 s 95