Section 168 — Property Law Act 2007: Withdrawal of mortgagee from possession

168 Withdrawal of mortgagee from possession (1) A mortgagee who has exercised a power to enter into possession of mortgaged land, goods, or accounts receivable must be taken to have withdrawn from possession of all or any part of the land, goods, or accounts receivable on the earlier of— (a) the date on which the mortgagee or a court appoints a receiver for all or that part of the land, goods, or accounts receivable; or (b) the date on which a mortgagee under any mortgage having priority over the mortgagee’s mortgage enters into possession of, or appoints a receiver for, all or that part of the land, goods, or accounts receivable; or (c) the date of an order of a court under section 170 , consenting to the mortgagee’s withdrawal from possession, or under section 171 , directing the mortgagee to withdraw from possession; or (d) the date on which the mortgagee withdraws from possession of all or that part of the land, goods, or accounts receivable after their redemption or sale; or (e) the date on which the mortgagee withdraws from possession of all or that part of the land, goods, or accounts receivable with the consent of all persons who have an interest in that land or those goods or accounts receivable. (2) A mortgagee in possession of mortgaged land, goods, or accounts receivable may not withdraw from possession on or after 1 January 2008 except as provided in subsection (1).