90Duty of mortgagee as to sale price

90 Duty of mortgagee as to sale price (1) It is the duty of a mortgagee, in exercising the power of sale (whether conferred by an Act or an instrument of mortgage), to take reasonable care to ensure that the property is sold at its market value. (2) Not later than 28 days after completion of the sale the mortgagee must give to the mortgagor, or a subsequent mortgagee or encumbrancer in respect of the property, the prescribed notice. (3) The title of the purchaser is not impeachable on the ground that the mortgagee has committed a breach of a duty imposed by this section but a person who suffers loss or damage because of the breach of duty has a remedy in damages against the mortgagee exercising the power of sale. (4) An agreement or a term of an agreement is void to the extent that it relieves, purports to relieve, or has or might have the effect of relieving a mortgagee from a duty imposed by this section. (5) Nothing in this section affects the operation of a law in force in the Territory that relates to the duty of the mortgagee to account to the mortgagor. Law of Property Act 2000 59 (6) This section applies in relation to mortgages made before or after the commencement of this Act but only in relation to the exercise of a power of sale if: (a) the exercise of the power arises upon or in consequence of a default, mentioned in section 89(1), that happens after the commencement of this Act; or (b) the power is being exercised under section 89A(4).