111Regulation of exercise of power of sale

111 Regulation of exercise of power of sale

111 Regulation of exercise of power of sale

(1) In case of a mortgage or charge registered under the Real Property Act 1900, the mortgagee or chargee shall only exercise the power of sale conferred by this Act in the events and subject to the conditions contained in sections 57, 58 and 58A of that Act, and the provisions of section 59 of that Act shall apply to any transfer executed for the purpose of such sale.

(2) Except in the case of a mortgage or charge referred to in subsection (1), a mortgagee or chargee shall not exercise a power to sell land the subject of the mortgage or charge, whether conferred by this Act or otherwise, unless—

(a) in the case of a mortgage, default has been made in—

(i) the observance of a covenant, agreement or condition expressed or implied in the mortgage,

(ii) the payment, in accordance with the terms of the mortgage, of the principal, interest or other money the payment of which is secured by the mortgage, or

(iii) the payment, in accordance with the terms of the mortgage, of any part of that principal, interest or other money,

(a1) in the case of a charge, default has been made in—

(i) the payment, in accordance with the terms of the judgment to which the charge relates, of the principal, interest or other money the payment of which is secured by the charge, or

(ii) the payment, in accordance with the terms of that judgment, of any part of that principal, interest or other money,

(b) where—

(i) the default relates to that payment, or

(ii) in the case of a mortgage, the default does not relate to that payment and notice or lapse of time pursuant to this section has not been dispensed with by agreement expressed in the mortgage,

a written notice that complies with subsection (3) has been served on the mortgagor or person whose land is subject to the charge in the manner authorised by section 170,

(b1) where a notice is required to be served under paragraph (b), a copy of that notice has been served (in the manner authorised by section 170) on each mortgagee or chargee (if any) under a mortgage or charge to which the land is subject registered in the General Register of Deeds (other than the mortgagee or chargee intending to exercise the power of sale), and