Section 171 — Property Law Act 2007: Withdrawal by direction of court

171 Withdrawal by direction of court (1) A court may, on the application of a specified person, make an order directing a mortgagee in possession to withdraw from possession of the whole, or any part, of the land, goods, or accounts receivable if the court is satisfied that— (a) the purpose of the mortgagee’s entry into possession of the land, goods, or accounts receivable has been fulfilled; or (b) circumstances no longer justify the mortgagee remaining in possession of the land, goods, or accounts receivable. (2) In subsection (1), specified person means— (a) the current mortgagor; or (b) any other person who has an interest in the mortgaged land, goods, or accounts receivable and is entitled to redeem them. (3) A copy of an application under this section must be served on the mortgagee (unless the court orders otherwise). (4) The court may make an order under this section on any conditions the court thinks fit. (5) An order under this section does not affect any other mortgage or encumbrance over the mortgaged land, goods, or accounts receivable. Compare: 1952 No 51 s 104PP