308Appointment of receiver

308 Appointment of receiver (1) A mortgagee entitled to appoint a receiver, or have a receiver appointed, under this part may appoint the receiver, or have the receiver appointed, in accordance with this section. (2) If the mortgage document nominates the person to be appointed receiver, the mortgagee may appoint that person to be the receiver. (3) If the mortgage document does not nominate the person to be appointed receiver, the mortgagee may, by written notice given to the person entitled to the mortgaged property, require the person to appoint an appropriate person to be the receiver not later than 10 days after the day the notice is given. (4) A notice under subsection (3) may be given to the person entitled to the mortgaged property— (a) by giving the notice to the person entitled to the property, or, if 2 or more people are entitled to the property, to any of them; or (b) by attaching the notice to a conspicuous part of the mortgaged property. (5) If a notice under subsection (3) is given to the person entitled to mortgaged property in accordance with subsection (4) and the person fails to appoint an appropriate person to be the receiver not later than 10 days after the day the notice is given, the mortgagee may appoint a person the mortgagee considers appropriate to be the receiver.