1. (1) This section applies to a mortgage created prior to 1 December 2009.

(2) As respects a mortgage to which this section applies, the statutory provisions apply and may be invoked or exercised by any person as if those provisions had not been repealed by section 8(3) and Schedule 2 of the Act of 2009.

(3) As respects a mortgage to which this section applies the amended provisions apply and may be invoked or exercised by any person as if those provisions had not been amended by section 8(1) and Schedule 1 of the Act of 2009.

(4) Subsections (1) to (3) are without prejudice to any right or entitlement which a person may otherwise have to rely on the statutory provisions or the amended provisions.

(5) This section does not apply to proceedings initiated before the coming into operation of this section.

(6) In this section—

“Act of 1964” means the Registration of Title Act 1964;

“Act of 2009” means the Land and Conveyancing Law Reform Act 2009;

“amended provisions” means section 62(2) and (6) of the Act of 1964;

“mortgage” has the same meaning as it has in the Conveyancing Act 1881;

“statutory provisions” means sections 2 and 18 to 24 of the Conveyancing Act 1881, sections 3, 4 and 5 of the Conveyancing Act 1911 and section 62(3), (7) and (8) of the Act of 1964.