Section 200 — Property Law Act 2007: Sale by mortgagee through court

200 Sale by mortgagee through court (1) A mortgagee who is entitled to sell mortgaged property may apply to a court for assistance— (a) in exercising the power of sale; or (b) in completing the transfer of the property to the purchaser (if the property has already been sold by the mortgagee). (2) The court may make all or any of the orders specified in subsection (3) if it is satisfied that— (a) there has been a default that has not been remedied or, in the case of personal property, the property is at risk; and (b) the mortgagee has become entitled under the mortgage and subpart 5 to exercise a power of sale in respect of the mortgaged property. (3) The orders are as follows: (a) an order directing the sale of the whole or any part of the mortgaged property: (b) an order that the sale be conducted by the mortgagee or by the Registrar: (c) an order making conditions concerning all or any of the following matters: (i) the advertising of the sale: (ii) other marketing of the mortgaged property proposed to be sold: (iii) the conditions of sale: (iv) the manner in which the sale is to be conducted: (d) an order permitting the mortgagee to become the purchaser at the sale otherwise than under section 196 : (e) an order permitting the current mortgagor or any other person entitled to redeem the mortgaged property to redeem it otherwise than under subpart 4 or section 195 : (f) an order vesting the property, for any estate or interest that the court thinks fit, in the purchaser (including the mortgagee if the mortgagee is the purchaser) or discharging any mortgage or other encumbrance: (g) an order directing the Registrar, or, if it is more convenient, appointing a person other than the Registrar, to execute or register a transfer or assignment of the property to the purchaser (including the mortgagee if the mortgagee is the purchaser) or a discharge of any mortgage or other encumbrance: (h) an order determining the priority of mortgages or other encumbrances over the property. (4) An order under subsection (3)(f), or a transfer, assignment, or discharge executed or registered under subsection (3)(g), has the same effect as a transfer or assignment instrument for the mortgaged property executed or registered by a mortgagee under section 183 , or a mortgage discharge instrument for a mortgage duly executed or registered in accordance with section 83 , as the case may be. Compare: 1952 No 51 s 86(2)