Section 163 — Property Law Act 2007: Further reports by mortgagee in possession

163 Further reports by mortgagee in possession (1) A mortgagee in possession of mortgaged land or goods, or a person who was a mortgagee in possession of mortgaged land or goods, must prepare a report or a further report summarising the state of affairs with respect to the land or goods not later than 2 months— (a) after the end of each period of 6 months after the date of entry into possession; and (b) after the date on which the mortgagee withdraws from possession. (2) The report or further report required by subsection (1) must include— (a) an accounting, as required by section 155 , for the period since the date of entering into possession or since the date of the most recent report under this section, whichever date is the later; and (b) details of any land leased by the mortgagee, as lessor, under sections 142 to 145 , since the date of entering into possession or since the date of the most recent report under this section, whichever date is the later; and (c) details of any land or goods sold by the mortgagee under subpart 7 , since the date of entering into possession or since the date of the most recent report under this section, whichever date is the later; and (d) 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 ; and (e) details of any amounts likely to be available for payment to other creditors of the current mortgagor; and (f) 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 or other person fails to comply with this section, the mortgagee or person, and, if the mortgagee or person 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 104JJ