sec.7Mortgagee must give default notice

sec.7 Mortgagee must give default notice

This section applies if a mortgagee has a right under a mortgage over farm equipment to take possession of, or sell, the equipment. The mortgagee must not exercise, or purport to exercise, the right unless— the mortgagor has defaulted; and the mortgagee has given the mortgagor, and guarantor (if any), written notice (a default notice ) under this part for the default; and the default has not been remedied by the due day stated in the default notice. Maximum penalty—500 penalty units. s 7 amd 2002 No. 52 s 8 (sec.7-ssec.1) This section applies if a mortgagee has a right under a mortgage over farm equipment to take possession of, or sell, the equipment. (sec.7-ssec.2) The mortgagee must not exercise, or purport to exercise, the right unless— the mortgagor has defaulted; and the mortgagee has given the mortgagor, and guarantor (if any), written notice (a default notice ) under this part for the default; and the default has not been remedied by the due day stated in the default notice. Maximum penalty—500 penalty units.

• (a) the mortgagor has defaulted; and
• (b) the mortgagee has given the mortgagor, and guarantor (if any), written notice (a default notice ) under this part for the default; and
• (c) the default has not been remedied by the due day stated in the default notice.