Section 169 — Property Law Act 2007: Mortgagee who has withdrawn from possession not entitled to receive income after withdrawal

169 Mortgagee who has withdrawn from possession not entitled to receive income after withdrawal (1) A mortgagee who has withdrawn from possession is not entitled to receive any income from the mortgaged land, goods, or accounts receivable that comes in after that withdrawal (whether that income has accrued for a period before that withdrawal or a period after that withdrawal). (2) However, if any income referred to in subsection (1) is actually received by a mortgagee who has withdrawn from possession, the mortgagee must account for it under section 155 . (3) If, in an accounting under section 155 , a mortgagee in possession of mortgaged land, goods, or accounts receivable has given credit for amounts not actually received by the mortgagee and, after the mortgagee’s withdrawal from possession, those amounts are actually received by or for the benefit of the current mortgagor, those amounts are a debt owing by the current mortgagor to the mortgagee.