Section 173 — Property Law Act 2007: Notice that mortgagee has withdrawn from possession

173 Notice that mortgagee has withdrawn from possession (1) If the current mortgagor is a body corporate registered under an enactment, a mortgagee who withdraws from possession of all or part of the mortgaged land or goods must, not later than 5 working days after the date of withdrawal, send or deliver notice in writing of the withdrawal to the Registrar. (2) Subsection (1) does not apply to a mortgagee who withdrew from possession of the land or goods before 1 January 2008. (3) If a person fails to comply with this section, the person, and, if the 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 104OO