|
|
Sale of mortgaged property.
|
82.—(1) Where an estate mortgaged to a society is sold in exercise of a power given by the mortgage, the society shall pay to the mortgagor a sum equal to the value of the interest in the estate at the disposal of the society, after deducting the amount of the loan then remaining unpaid and any sum due for interest and all costs incurred by the society in the recovery and disposal of the estate.
|
|
| |
(2) (a) In exercising any power of sale under a mortgage a society shall ensure as far as is reasonably practicable that the estate is sold at the best price reasonably obtainable.
|
|
| |
(b) To the extent that any agreement relieves (or may have the effect of relieving) a society or any person from the obligation imposed by paragraph (a), the agreement shall be void.
|
|
| |
(3) (a) Where an estate is sold under subsection (1), the society shall, within 21 days after the completion of the sale, send a notice by registered post to the mortgagor at his last known address, containing particulars of the sale in such form as the Registrar may require.
|
|
| |
(b) Nothing in this section shall affect the operation of any rule of law relating to the duty of a mortgagee to account to a mortgagor.
|
|
| |
(4) In this section “mortgagor” means a person to whom a loan is made by a society, and includes the successor in title of such person.
|
