QLDIn ForceAct
Land Title Act 1994
sec.78Powers of mortgagee
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### 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.