sec.20Enforcement of chief executive’s charge—notice of intention to sell lot

sec.20 Enforcement of chief executive’s charge—notice of intention to sell lot

This section applies if— a transfer lot vests in the first owner subject to the chief executive’s charge; and the chief executive decides the lot should be sold to recover the unpaid conversion cost. The chief executive must give notice (a notice of intention to sell ) stating the matters mentioned in subsection (3) to— the registered owner of the lot; and each mortgagee of the lot. The matters are each of the following— the conversion day; the amount of the unpaid conversion cost; that the chief executive may sell the lot if the registered owner does not pay to the chief executive within a stated period— the amount of the unpaid conversion cost; and if the chief executive requires interest on the unpaid conversion cost to be paid by the registered owner—interest on the unpaid conversion cost. The total amount payable by the registered owner under subsection (3) (c) is the demand amount . The period stated in the notice under subsection (3) (c) must be at least 14 days after the notice is given to the registered owner. If the notice requires the registered owner to pay interest under subsection (3) (c) (ii) , the interest is payable— for the period starting on the day after the conversion day and ending on the day the amount of the unpaid conversion cost is paid in full; and at the Reserve Bank of Australia’s official cash rate for each day in the period plus 2%. The Reserve Bank of Australia’s official cash rate is published on the bank’s website at <www.rba.gov.au>. If the registered owner does not pay the demand amount within the period stated in the notice, the chief executive may— sell the lot; or if a mortgagee agrees to sell the lot—allow the mortgagee to sell the lot. If the chief executive allows a mortgagee to sell the lot under subsection (7) (b) , the registered owner is taken to be in default under the mortgage. (sec.20-ssec.1) This section applies if— a transfer lot vests in the first owner subject to the chief executive’s charge; and the chief executive decides the lot should be sold to recover the unpaid conversion cost. (sec.20-ssec.2) The chief executive must give notice (a notice of intention to sell ) stating the matters mentioned in subsection (3) to— the registered owner of the lot; and each mortgagee of the lot. (sec.20-ssec.3) The matters are each of the following— the conversion day; the amount of the unpaid conversion cost; that the chief executive may sell the lot if the registered owner does not pay to the chief executive within a stated period— the amount of the unpaid conversion cost; and if the chief executive requires interest on the unpaid conversion cost to be paid by the registered owner—interest on the unpaid conversion cost. (sec.20-ssec.4) The total amount payable by the registered owner under subsection (3) (c) is the demand amount . (sec.20-ssec.5) The period stated in the notice under subsection (3) (c) must be at least 14 days after the notice is given to the registered owner. (sec.20-ssec.6) If the notice requires the registered owner to pay interest under subsection (3) (c) (ii) , the interest is payable— for the period starting on the day after the conversion day and ending on the day the amount of the unpaid conversion cost is paid in full; and at the Reserve Bank of Australia’s official cash rate for each day in the period plus 2%. The Reserve Bank of Australia’s official cash rate is published on the bank’s website at <>. (sec.20-ssec.7) If the registered owner does not pay the demand amount within the period stated in the notice, the chief executive may— sell the lot; or if a mortgagee agrees to sell the lot—allow the mortgagee to sell the lot. (sec.20-ssec.8) If the chief executive allows a mortgagee to sell the lot under subsection (7) (b) , the registered owner is taken to be in default under the mortgage.