sec.15Effect of serving notice of application

sec.15 Effect of serving notice of application

If the mortgagor gives a notice of application to the mortgagee, the mortgagee must not, until the court orders otherwise or the application is withdrawn or dismissed— sell the equipment; or if the mortgagee does not have possession of the equipment—take possession of the equipment; or if the mortgagee has possession of the equipment—part with its possession (other than to return it to the mortgagor). Maximum penalty—500 penalty units. To remove any doubt, it is declared that if the mortgagee has possession of the equipment when given a notice of application, the mortgagee is not required by subsection (1) (c) to return the equipment. (sec.15-ssec.1) If the mortgagor gives a notice of application to the mortgagee, the mortgagee must not, until the court orders otherwise or the application is withdrawn or dismissed— sell the equipment; or if the mortgagee does not have possession of the equipment—take possession of the equipment; or if the mortgagee has possession of the equipment—part with its possession (other than to return it to the mortgagor). Maximum penalty—500 penalty units. (sec.15-ssec.2) To remove any doubt, it is declared that if the mortgagee has possession of the equipment when given a notice of application, the mortgagee is not required by subsection (1) (c) to return the equipment.

• (a) sell the equipment; or
• (b) if the mortgagee does not have possession of the equipment—take possession of the equipment; or
• (c) if the mortgagee has possession of the equipment—part with its possession (other than to return it to the mortgagor).