sec.78Powers of mortgagee

### sec.78 Powers of mortgagee A registered mortgagee of a lot has the powers and liabilities of a mortgagee under the Property Law Act 2023 , part 8 . Without limiting subsection (1) , but subject to the terms of the mortgage, if the mortgagor defaults under a registered mortgage, the mortgagee may— take possession of the mortgaged lot in a way that does not contravene the Criminal Code , section 70 ; or enter into possession of the mortgaged lot by receiving rents and profits; or by a proceeding in a court of competent jurisdiction— obtain possession of the mortgaged lot; or foreclose the right of the mortgagor to redeem the mortgaged lot; or obtain an order of the court for the sale of the mortgaged lot. The powers in this section are in addition to other powers exercisable by the mortgagee. s 78 amd 1994 No. 33 s 10 (retro); 1994 No. 81 s 527 sch 5 ; 2023 No. 27 s 289 sch 3 (sec.78-ssec.1) A registered mortgagee of a lot has the powers and liabilities of a mortgagee under the Property Law Act 2023 , part 8 . (sec.78-ssec.2) Without limiting subsection (1) , but subject to the terms of the mortgage, if the mortgagor defaults under a registered mortgage, the mortgagee may— take possession of the mortgaged lot in a way that does not contravene the Criminal Code , section 70 ; or enter into possession of the mortgaged lot by receiving rents and profits; or by a proceeding in a court of competent jurisdiction— obtain possession of the mortgaged lot; or foreclose the right of the mortgagor to redeem the mortgaged lot; or obtain an order of the court for the sale of the mortgaged lot. (sec.78-ssec.3) The powers in this section are in addition to other powers exercisable by the mortgagee. - (a) take possession of the mortgaged lot in a way that does not contravene the Criminal Code , section 70 ; or - (b) enter into possession of the mortgaged lot by receiving rents and profits; or - (c) by a proceeding in a court of competent jurisdiction— (i) obtain possession of the mortgaged lot; or (ii) foreclose the right of the mortgagor to redeem the mortgaged lot; or (iii) obtain an order of the court for the sale of the mortgaged lot. - (i) obtain possession of the mortgaged lot; or - (ii) foreclose the right of the mortgagor to redeem the mortgaged lot; or - (iii) obtain an order of the court for the sale of the mortgaged lot. - (i) obtain possession of the mortgaged lot; or - (ii) foreclose the right of the mortgagor to redeem the mortgaged lot; or - (iii) obtain an order of the court for the sale of the mortgaged lot.