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PROPERTY LAW ACT 1974 - SECT 96
Mortgagee accepting interest on overdue mortgage not to call up without notice
96 Mortgagee accepting interest on overdue mortgage not to call up without
notice
(1) Where the mortgagor has made default in payment of the principal sum at
the expiry of the term of the mortgage, or of any period for which it has been
renewed or extended, and the mortgagee has accepted interest on the sum for
any period (not being less than 3 months) after default has been so made, then
so long as the mortgagor performs and observes all covenants expressed or
implied in the mortgage, other than the covenant for payment of the principal
sum, the mortgagee shall not be entitled to take proceedings to compel payment
of the sum, or for foreclosure, or to enter into possession, or to exercise
any power of sale, without giving to the mortgagor 3 months’ notice of the
mortgagee’s intention so to do.
(2) No purchaser from the mortgagee
exercising the mortgagee’s power of sale shall be concerned to inquire
whether the mortgagee has accepted interest after such default.
(3) This
section applies to mortgages whether made before or after the commencement of
this Act, but only where the default has occurred after such commencement, and
shall have effect despite any stipulation to the contrary.
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