Property Law Act 2007

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 1952,—

  • (a) section 118 does not prevent the mortgagee from calling up as payable the principal amount on or after that date in accordance with the notice; and

  • (b) section 90 of the Property Law Act 1952 continues to apply in relation to the notice as if it had not been repealed by this Act.

  (2) If, before 1 January 2008, a mortgagee has served a notice in accordance with section 92(1) of the Property Law Act 1952,—

  • (a) section 119 does not prevent—

    • (i) the mortgagee from exercising a power to enter into possession of the mortgaged land, or to sell the mortgaged land, on or after that date in accordance with the notice; or

    • (ii) any amounts secured under the mortgage from becoming or being deemed to have become payable on or after that date in accordance with the notice; and

  • (b) section 92 of the Property Law Act 1952 continues to apply in relation to the notice as if it had not been repealed by this Act.

  (3) If, before 1 January 2008, a mortgagee has served a notice under section 92(6) of the Property Law Act 1952,—

  • (a) section 122 does not prevent the mortgagee from recovering a deficiency on or after that date in accordance with the notice; and

  • (b) section 92 of the Property Law Act 1952 continues to apply in relation to the notice as if it had not been repealed by this Act.