sec.113Implied powers of mortgagee

### sec.113 Implied powers of mortgagee A mortgagee under a mortgage over land, or over land and other property, has the following powers— a power to sell, or concur with another seller in selling, or bid at an auction of, the mortgaged property, or any part of the mortgaged property, on terms the mortgagee considers appropriate; a power to insure the mortgaged property, or any part of the mortgaged property, against loss or damage; a power to appoint a receiver of the mortgaged property, or any part of the mortgaged property; a power to grant an easement, right or privilege in relation to the mortgaged property, or any part of the mortgaged property; a power, if the mortgagee is in possession, to— cut and sell timber on the mortgaged property, or any part of the mortgaged property; or enter into a contract for the cutting and selling of timber on the mortgaged property, or any part of the mortgaged property, provided the contract is to be completed within 12 months after the contract is made; a power to sell any mines or minerals apart from the surface of the mortgaged property, or any part of the mortgaged property, to the extent the mines or minerals are not vested in the State; a power to do whatever is necessary or convenient in relation to the exercise of a power under paragraphs (a) to (f) . A power under subsection (1) takes effect as a term of the mortgage. If a mortgagee exercises a power under subsection (1) (b) , the premiums paid for the insurance are a charge on the mortgaged property, in addition to the mortgage money, and with the same priority, and with interest at the same rate, as the mortgage money. This section applies subject to any agreement to the contrary. To remove any doubt, it is declared that the power to sell land under subsection (1) (a) includes— the power to vary or rescind a contract for the sale of the land; and the power to sell a fixture on the land. In this section— timber does not include trees for shelter or ornament. (sec.113-ssec.1) A mortgagee under a mortgage over land, or over land and other property, has the following powers— a power to sell, or concur with another seller in selling, or bid at an auction of, the mortgaged property, or any part of the mortgaged property, on terms the mortgagee considers appropriate; a power to insure the mortgaged property, or any part of the mortgaged property, against loss or damage; a power to appoint a receiver of the mortgaged property, or any part of the mortgaged property; a power to grant an easement, right or privilege in relation to the mortgaged property, or any part of the mortgaged property; a power, if the mortgagee is in possession, to— cut and sell timber on the mortgaged property, or any part of the mortgaged property; or enter into a contract for the cutting and selling of timber on the mortgaged property, or any part of the mortgaged property, provided the contract is to be completed within 12 months after the contract is made; a power to sell any mines or minerals apart from the surface of the mortgaged property, or any part of the mortgaged property, to the extent the mines or minerals are not vested in the State; a power to do whatever is necessary or convenient in relation to the exercise of a power under paragraphs (a) to (f) . (sec.113-ssec.2) A power under subsection (1) takes effect as a term of the mortgage. (sec.113-ssec.3) If a mortgagee exercises a power under subsection (1) (b) , the premiums paid for the insurance are a charge on the mortgaged property, in addition to the mortgage money, and with the same priority, and with interest at the same rate, as the mortgage money. (sec.113-ssec.4) This section applies subject to any agreement to the contrary. (sec.113-ssec.5) To remove any doubt, it is declared that the power to sell land under subsection (1) (a) includes— the power to vary or rescind a contract for the sale of the land; and the power to sell a fixture on the land. (sec.113-ssec.6) In this section— timber does not include trees for shelter or ornament. - (a) a power to sell, or concur with another seller in selling, or bid at an auction of, the mortgaged property, or any part of the mortgaged property, on terms the mortgagee considers appropriate; - (b) a power to insure the mortgaged property, or any part of the mortgaged property, against loss or damage; - (c) a power to appoint a receiver of the mortgaged property, or any part of the mortgaged property; - (d) a power to grant an easement, right or privilege in relation to the mortgaged property, or any part of the mortgaged property; - (e) a power, if the mortgagee is in possession, to— (i) cut and sell timber on the mortgaged property, or any part of the mortgaged property; or (ii) enter into a contract for the cutting and selling of timber on the mortgaged property, or any part of the mortgaged property, provided the contract is to be completed within 12 months after the contract is made; - (i) cut and sell timber on the mortgaged property, or any part of the mortgaged property; or - (ii) enter into a contract for the cutting and selling of timber on the mortgaged property, or any part of the mortgaged property, provided the contract is to be completed within 12 months after the contract is made; - (f) a power to sell any mines or minerals apart from the surface of the mortgaged property, or any part of the mortgaged property, to the extent the mines or minerals are not vested in the State; - (g) a power to do whatever is necessary or convenient in relation to the exercise of a power under paragraphs (a) to (f) . - (i) cut and sell timber on the mortgaged property, or any part of the mortgaged property; or - (ii) enter into a contract for the cutting and selling of timber on the mortgaged property, or any part of the mortgaged property, provided the contract is to be completed within 12 months after the contract is made; - (a) the power to vary or rescind a contract for the sale of the land; and - (b) the power to sell a fixture on the land.