Credit (Rural Finance) Act 1996
sec.9Exception to s 7 —further default during notice period
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sec.9 Exception to s 7 —further default during notice period
This section applies if— a mortgagor defaults under a mortgage; and the mortgagee gives the mortgagor, and guarantor (if any), a default notice under this part for the default; and the mortgagor makes a further default of the same type before the due day stated in the default notice for the first default; and the further default is not remedied by the due day stated in the default notice for the first default. Section 7 does not apply to the mortgagee in exercising, or purporting to exercise, a right under the mortgage for the further default. (sec.9-ssec.1) This section applies if— a mortgagor defaults under a mortgage; and the mortgagee gives the mortgagor, and guarantor (if any), a default notice under this part for the default; and the mortgagor makes a further default of the same type before the due day stated in the default notice for the first default; and the further default is not remedied by the due day stated in the default notice for the first default. (sec.9-ssec.2) Section 7 does not apply to the mortgagee in exercising, or purporting to exercise, a right under the mortgage for the further default.
- (a) a mortgagor defaults under a mortgage; and
- (b) the mortgagee gives the mortgagor, and guarantor (if any), a default notice under this part for the default; and
- (c) the mortgagor makes a further default of the same type before the due day stated in the default notice for the first default; and
- (d) the further default is not remedied by the due day stated in the default notice for the first default.