Property Law Act 2007

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 any term that is expressed or implied in the mortgage debenture, to manage the mortgaged land or demand and recover income from it without a notice being served on the current mortgagor under section 119; and

  • (b) amounts secured by the mortgage debenture may become payable under an acceleration clause without a notice being served on the current mortgagor under section 119.

  (2) Subsection (1) applies whether or not there is a collateral mortgage over the land securing the same amounts.