Statute
Section 151 — Property Law Act 2007: Mortgagee in possession of land liable for waste
Text of the provision Official document
151 Mortgagee in possession of land liable for waste A mortgagee in possession of mortgaged land is liable in damages to the following persons for loss arising from any act or omission of the mortgagee that would be the tort of voluntary waste if done or omitted by a lessee: (a) the current mortgagor: (b) any former mortgagor: (c) any covenantor: (d) any mortgagee under a subsequent mortgage: (e) the holder of any other subsequent encumbrance.
Official source: legislation.govt.nz
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