Section 156 — Property Law Act 2007: Notice of entry into possession of mortgaged land or goods

156 Notice of entry into possession of mortgaged land or goods (1) A mortgagee, on entering into possession of mortgaged land or goods,— (a) must immediately give— (i) written notice of that fact to the current mortgagor; and (ii) public notice of that fact; and (b) must, within 5 working days after the date of entry into possession, send a copy of the public notice to the following persons if the mortgagee has actual knowledge of the name and address of the person: (i) every former mortgagor: (ii) every covenantor: (iii) every mortgagee under a subsequent mortgage, and every holder of any other subsequent encumbrance, over the mortgaged land or goods: (iv) every person who has lodged a caveat under section 137 of the Land Transfer Act 1952, or a notice under section 42 of the Property (Relationships) Act 1976 having the effect of a caveat, against the title to the mortgaged land or any part of it; and (c) must, if the current mortgagor is a body corporate registered under an enactment, send a copy of the public notice to the Registrar within 5 working days after the date of entry into possession. (2) A notice given under subsection (1) must include— (a) the mortgagee’s full name: (b) the date on which the mortgagee entered into possession of the mortgaged land or goods: (c) a brief description of the mortgaged land or goods: (d) the address of the registered office of the mortgagee if the mortgagee is a body corporate, or the address of the mortgagee’s residence if the mortgagee is an individual, or an address specified by the mortgagee as an address to which communications relating to the mortgaged land or goods may be addressed. (3) If a mortgagee fails to comply with this section, the mortgagee, and, if the mortgagee is a body corporate, every director of the mortgagee, commits an offence and is liable on summary conviction to a fine not exceeding $10,000. Compare: 1952 No 51 s 104DD