Land And Conveyancing Law Reform Act 2009

103.

Obligations on selling.

103.— (1) In the exercise of the power of sale conferred by this Chapter or any express power of sale, the mortgagee, or any receiver or other person appointed by the mortgagee, shall, notwithstanding any stipulation to the contrary in the mortgage, ensure as far as is reasonably practicable that the mortgaged property is sold at the best price reasonably obtainable.

(2) Within 28 days after completion of the sale, the mortgagee shall serve a notice in the prescribed form on the mortgagor containing information relating to the sale.

(3) A mortgagee who, without reasonable cause, is in breach of the obligation imposed by subsection (2) is guilty of an offence.

(4) Nothing in this section affects the operation of any rule of law relating to the duty of a mortgagee to account to a mortgagor.

(5) This section does not apply to a building society within the meaning of the Act of 1989 or a receiver appointed under the Companies Acts.

(6) In subsection (2)“mortgagor” includes a person last known to the mortgagee to be the mortgagor, but does not include a person to whom, without the knowledge of the mortgagee, any of the rights or liabilities of the mortgagor under the mortgage have been assigned.

Annotations:

Editorial Notes:

E12

Form of notice to be used for the purposes of subs. (2) prescribed (30.12.2010) by Land and Conveyancing Law Reform Act 2009 (Section 103) Regulations 2010 (S.I. No. 654 of 2010), in effect as per reg. 2.