Property Law Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 79 — Mortgage over land to take effect as charge
79 Mortgage over land to take effect as charge (1) A mortgage over land, whatever its form,— (a) takes effect as a charge; and (b) does not operate as a transfer of the estate or interest charged.…
Section 80 — No mortgage over land by deposit of instruments of title
80 No mortgage over land by deposit of instruments of title A mortgage over land is not created by the deposit of the instruments of title relating to the land, whether or not the deposit is…
Section 81 — Right of mortgagor to bring proceeding against mortgagee
81 Right of mortgagor to bring proceeding against mortgagee (1) A mortgagor of land may bring a proceeding against the mortgagee without first offering to redeem the mortgaged land. (2) Subsection…
Section 82 — Effect of advance on joint account
82 Effect of advance on joint account (1) This section applies if— (a) an instrument provides that all or part of the amounts secured by a mortgage over property or owing under an unsecured…
Section 83 — Discharge of mortgage
83 Discharge of mortgage (1) A mortgage over property may be wholly or partially discharged by an instrument that— (a) is endorsed on, or attached to, the mortgage instrument, or the existence of…
Section 84 — Assignment of mortgage
84 Assignment of mortgage (1) The interest of a mortgagee under a mortgage over property may be assigned by an instrument that— (a) is endorsed on, or attached to, the mortgage instrument, or the…
Section 85 — Variation of mortgage
85 Variation of mortgage (1) The principal amount secured by a mortgage over property may be reduced or increased by an instrument that— (a) complies with subsection (5); and (b) is executed,— (i) in…
Section 86 — Effect of mortgage variation instrument
86 Effect of mortgage variation instrument A mortgage variation instrument that is duly executed under section 85(1) to (5) or registered under section 85(6) — (a) operates as if it were a deed; and…
Section 87 — Mortgage secures advances for protection and realisation of security
87 Mortgage secures advances for protection and realisation of security (1) A mortgage over property secures all amounts reasonably paid or advanced at any time by the mortgagee— (a) for the…
Section 88 — Priority extends to advances for protection and realisation of security
88 Priority extends to advances for protection and realisation of security The priority of a mortgage over property, in relation to any subsequent mortgage over the property, extends to all amounts…
Section 89 — Priority of security for advances after subsequent mortgage comes into operation
89 Priority of security for advances after subsequent mortgage comes into operation (1) The priority of a mortgage over property (the prior mortgage ), in relation to any subsequent mortgage over the…
Section 90 — Advance of specified principal amount after subsequent mortgage
90 Advance of specified principal amount after subsequent mortgage (1) This section applies if— (a) a mortgage over property (the prior mortgage ) secures a specified principal amount (whether or not…
Section 91 — Priority extends to further advances if mortgagee does not have actual notice of subsequent mortgage or is obliged to make further advances
91 Priority extends to further advances if mortgagee does not have actual notice of subsequent mortgage or is obliged to make further advances If a mortgage over property secures a further advance by…
Section 92 — Priority extends to further advances up to stated priority limit
92 Priority extends to further advances up to stated priority limit (1) If a mortgage over property secures further advances by way of financial accommodation up to a stated priority limit, the…
Section 93 — Interpretation for purposes of sections 91 and 92
93 Interpretation for purposes of sections 91 and 92 In sections 91 and 92 — further advance by way of financial accommodation means a further advance made— (a) to the mortgagor or any other person;…
Section 94 — Transitional provisions for further advances
94 Transitional provisions for further advances (1) Section 92 does not affect the priority of a mortgage over property that comes into operation before 1 January 2008, so far as it extends to…
Section 95 — Covenants implied in mortgages over land
95 Covenants implied in mortgages over land (1) Every mortgage over land contains the implied covenants, conditions, and powers set out in Part 1 of Schedule 2 to the extent that they are relevant in…
Section 96 — Covenants implied in mortgages over goods (except inventory)
96 Covenants implied in mortgages over goods (except inventory) (1) Every mortgage over goods contains the implied covenants, conditions, and powers set out in Part 2 of Schedule 2. (2) Subsection…
Section 97 — Equity of redemption
97 Equity of redemption (1) The current mortgagor or any other person entitled to redeem mortgaged property may redeem it in accordance with this subpart at any time before it has been sold, under a…
Section 98 — Amounts secured include interest for unexpired portion of term
98 Amounts secured include interest for unexpired portion of term (1) This section applies if— (a) the term of a mortgage has not expired; and (b) the mortgagee— (i) is not in possession of the…
Section 99 — Mortgagor or other person seeking to redeem must give notice or pay interest in certain circumstances
99 Mortgagor or other person seeking to redeem must give notice or pay interest in certain circumstances (1) The current mortgagor or other person seeking to redeem the mortgaged property after the…
Section 100 — Requirement to pay interest subject to credit contract legislation
100 Requirement to pay interest subject to credit contract legislation Sections 98 and 99 are subject to— (a) Parts 2 and 5 of the Credit Contracts and Consumer Finance Act 2003; and (b) Part 1 of…
Section 101 — Terms in instrument of no effect if less favourable
101 Terms in instrument of no effect if less favourable Any term that is expressed or implied in an instrument and that is inconsistent with sections 97 to 99 has no effect to the extent that it is…
Section 102 — Request to mortgagee to transfer mortgage
102 Request to mortgagee to transfer mortgage (1) The current mortgagor or any other person who is entitled to redeem the mortgaged property may, at any time (except a time when the mortgagee is in…
Section 103 — Mortgagee must transfer mortgage after receiving request
103 Mortgagee must transfer mortgage after receiving request The mortgagee must, after receiving a request made under section 102 , transfer the mortgage to the nominated person on— (a) payment to…
Section 104 — Right to inspect instruments of title
104 Right to inspect instruments of title The current mortgagor or other person entitled to redeem the mortgaged property may, on request, at a reasonable time, and on payment of any reasonable…
Section 105 — Restriction on consolidation
105 Restriction on consolidation The current mortgagor or other person entitled to redeem the mortgaged property may redeem it without paying any amounts owing under any separate mortgage over other…
Section 106 — Instruments have no effect so far as they conflict with section 102, 103, 104, or 105
106 Instruments have no effect so far as they conflict with section 102, 103, 104, or 105 A term has no effect if it— (a) is expressed or implied in an instrument; and (b) conflicts with section 102…
Section 107 — Application for order of court directing sale of mortgaged property
107 Application for order of court directing sale of mortgaged property (1) A person specified in subsection (2) may apply to a court for an order directing the sale of mortgaged property in any…
Section 108 — Court may make order directing sale of mortgaged property
108 Court may make order directing sale of mortgaged property (1) A court may, on an application under section 107 , make an order directing the sale of the mortgaged property. (2) An order may be…
Section 109 — Redemption when mortgagee cannot be found, etc
109 Redemption when mortgagee cannot be found, etc (1) A mortgage over property may be discharged by a court under sections 110 and 111 or by Public Trust under section 112 if— (a) a person who is…
Section 110 — Redemption by order of court
110 Redemption by order of court A court may, in a circumstance referred to in section 109(1) , make— (a) all or any of the following orders on the application of the current mortgagor or any other…
Section 111 — Certificates and orders operate as discharge of mortgage
111 Certificates and orders operate as discharge of mortgage (1) A certificate by the Registrar that the amount ordered to be paid into court under section 110 was so paid, or a sealed copy of an…
Section 112 — Redemption by payment to Public Trust
112 Redemption by payment to Public Trust (1) Public Trust must, in a circumstance referred to in section 109(1) and on the application of the current mortgagor or any other person entitled to redeem…
Section 113 — Instruments of title must be delivered on production of Public Trust’s receipt or certificate
113 Instruments of title must be delivered on production of Public Trust’s receipt or certificate A person in possession of the instruments of title for mortgaged property must deliver them to the…
Section 114 — Public Trust not liable if acts reasonably and in good faith
114 Public Trust not liable if acts reasonably and in good faith (1) If Public Trust, in discharging a mortgage under section 112 , acts reasonably and in good faith, Public Trust is not liable to…
Section 115 — Court may order discharge of mortgage if periodical payments secured are otherwise provided for
115 Court may order discharge of mortgage if periodical payments secured are otherwise provided for (1) This section applies if a mortgage over property secures the payment to any person of a…
Section 116 — Certificate operates as discharge of mortgage
116 Certificate operates as discharge of mortgage (1) A certificate by the Registrar that the amount specified in an order under section 115 has been paid into court has effect as if it were a duly…
Section 117 — Foreclosure abolished
117 Foreclosure abolished Any rule of law entitling a mortgagee to foreclose the equity of redemption in mortgaged property is abolished. Compare: 1952 No 51 s 89
Section 118 — Mortgagee accepting interest after expiry of term not to call up without notice
118 Mortgagee accepting interest after expiry of term not to call up without notice (1) This section applies if— (a) the term of a mortgage over property, or any period for which the term has been…
Section 119 — Notice must be given to current mortgagor of mortgaged land of exercise of powers, etc
119 Notice must be given to current mortgagor of mortgaged land of exercise of powers, etc (1) No amounts secured by a mortgage over land are payable by any person under an acceleration clause, and…
Section 120 — Form of notice under section 119
120 Form of notice under section 119 (1) The notice required by section 119 must be in the prescribed form and must adequately inform the current mortgagor of— (a) the nature and extent of the…
Section 121 — Copy of notice under section 119 must be served on former mortgagor, covenantor, subsequent mortgagee, and caveator
121 Copy of notice under section 119 must be served on former mortgagor, covenantor, subsequent mortgagee, and caveator (1) A copy of the notice served under section 119 must, as soon as possible, be…
Section 122 — Notice of intention to recover deficiency in relation to mortgages over land
122 Notice of intention to recover deficiency in relation to mortgages over land (1) This section applies if, under a mortgage over land,— (a) the mortgagee or receiver proposes, by reason of a…
Section 123 — Instruments have no effect so far as they conflict with section 119, 120, 121, or 122
123 Instruments have no effect so far as they conflict with section 119, 120, 121, or 122 A term has no effect if it— (a) is expressed or implied in an instrument; and (b) conflicts with section 119…
Section 124 — Conditional sale of land permitted before expiry of notice
124 Conditional sale of land permitted before expiry of notice (1) For the purposes of sections 119 to 122 , a mortgagee or receiver does not exercise a power to sell mortgaged land, by reason of a…
Section 125 — Notice not required before exercising certain powers under mortgage debenture
125 Notice not required before exercising certain powers under mortgage debenture (1) If a mortgage over land arises under a mortgage debenture,— (a) a receiver may exercise any power, conferred by…
Section 126 — Court may grant leave to enter into possession of land, etc
126 Court may grant leave to enter into possession of land, etc (1) A court may grant leave to a mortgagee to exercise any power to enter into possession of the mortgaged land, or to a receiver…
Section 127 — Transitional provisions for notices given or served before commencement of Act
127 Transitional provisions for notices given or served before commencement of Act (1) If, before 1 January 2008, a mortgagee has given a notice in accordance with section 90 of the Property Law Act…
Section 128 — Notice must be given to current mortgagor of mortgaged goods of exercise of powers
128 Notice must be given to current mortgagor of mortgaged goods of exercise of powers (1) No amounts secured by a mortgage over goods are payable by any person under an acceleration clause, and no…