Section 162 — Property Law Act 2007: First report by mortgagee in possession

162 First report by mortgagee in possession (1) A mortgagee who enters into possession of mortgaged land or goods must, not later than 2 months after entering into possession of the land or goods, prepare a report about the land or goods. (2) The report required by subsection (1) must include the following particulars and details so far as the mortgagee is aware of them: (a) particulars of the land or goods: (b) particulars of the debts and liabilities to be satisfied from the land or goods: (c) the names and addresses of creditors with an interest in the land or goods: (d) particulars of any other mortgage or encumbrance over the land or goods held by any other creditor (including the date on which it was created): (e) particulars of any failure of the current mortgagor to comply with section 159 : (f) details of the events leading up, and giving rise, to the right of the mortgagee to enter into possession of the land or goods: (g) details of any land leased by the mortgagee, as lessor, under sections 142 to 145 : (h) details of any land or goods sold by the mortgagee under subpart 7 : (i) details of any proposal for the mortgagee, as lessor, to lease the land under sections 142 to 145 or for the mortgagee to sell the land or goods under subpart 7 : (j) details of any amounts likely to be available for payment to other creditors of the current mortgagor: (k) any other prescribed information. (3) A mortgagee may omit from the report details of any proposal for the sale of the mortgaged land or goods, or the lease of the mortgaged land, if the mortgagee considers that their inclusion would materially prejudice the exercise of the mortgagee’s rights or powers. (4) If a mortgagee fails to comply with this section, the mortgagee, and, if the mortgagee is a body corporate, every director of the body corporate, commits an offence and is liable on summary conviction to a fine not exceeding $10,000. Compare: 1952 No 51 s 104II