(1) Whenever default
has been made in payment of the principal or interest moneys secured by a
mortgage and such default shall be continued for 6 months after the time for
payment mentioned in the mortgage, the mortgagee or his transferee may make
application in writing to the Commissioner for an order for foreclosure.
(1A) Such application
shall state that such default has been made and has continued for the period
aforesaid and that the land mortgaged has been offered for sale at public
auction by a licensed auctioneer after notice to pay was served in accordance
with section 106 and that the amount of the highest bidding at such sale
(which amount shall also be stated) was not sufficient to satisfy the moneys
secured by such mortgage together with the expenses occasioned by such sale or
that there was no bid and that notice in writing of the intention of the
mortgagee or his transferee to make an application for foreclosure has been
served on the mortgagor or his transferees, and also that a like notice of
such intention has been served on every person appearing by the Register to
have any right estate or interest to or in the mortgaged land subsequently to
such mortgage.
(1B) Such application
shall be accompanied by a certificate of the auctioneer by whom such land was
put up for sale and by such further evidence in the premises as the
Commissioner may require.
(1C) The statements
made in such application shall be verified by statutory declaration.
(2) Service on a
person of a notice of intention to apply for foreclosure is not properly
effected unless —
(a) the
notice is delivered personally to the person; or
(b) the
notice is sent by registered post to —
(i)
the address entered in the Register as the address of the
person; or
(ii)
the address known to the mortgagee or his transferees as
the person’s current address;
or
(c) the
notice is left in a conspicuous place on the mortgaged land; or
(d) the
notice is sent to the person in compliance with a way of sending notices
electronically (for example, to an email address) that is prescribed by the
regulations for the purposes of this paragraph.
(3) A notice may be
sent under subsection (2) to the number of the person’s facsimile
machine if, under subsection (2)(d) as in force immediately before the
commencement of the Transfer of Land Amendment Act 2022 section 25(1)(b), the
person has specified in writing to the mortgagee or the mortgagee’s
transferees, as the case requires, that notices of intention under this
section may be served on the person by facsimile transmission.
[Section 121 amended: 60 Vict. No. 22 s. 3; No. 17
of 1950 s. 30; No. 81 of 1996 s. 68; No. 10 of 1998 s. 69(2); No. 19 of 2010
s. 51; No. 21 of 2022 s. 25.]