sec.131Right to relief against payment of overdue principal amount if payment of interest accepted

### sec.131 Right to relief against payment of overdue principal amount if payment of interest accepted This section applies in relation to a mortgage over land if— the term of the mortgage has expired; and the principal amount secured by the mortgage has not been repaid; and the mortgagee has, after the end of the term, accepted interest on the principal amount, other than by entering into possession of the property or appointing a receiver, for at least 3 months after the end of the term; and the mortgagor has performed all obligations or covenants under the mortgage other than the obligation or covenant to repay the principal amount on the due date. The mortgagee must not call up as payable the principal amount unless— the mortgagee has given the mortgagor notice of the mortgagee’s intention to call up the amount at the end of the period stated in the notice (the notice period ); and the notice period has expired. The notice period must be at least 3 months starting on the day the mortgagee gives the notice to the mortgagor. In this section— term , of a mortgage, includes a period for which the original term has been renewed or extended. (sec.131-ssec.1) This section applies in relation to a mortgage over land if— the term of the mortgage has expired; and the principal amount secured by the mortgage has not been repaid; and the mortgagee has, after the end of the term, accepted interest on the principal amount, other than by entering into possession of the property or appointing a receiver, for at least 3 months after the end of the term; and the mortgagor has performed all obligations or covenants under the mortgage other than the obligation or covenant to repay the principal amount on the due date. (sec.131-ssec.2) The mortgagee must not call up as payable the principal amount unless— the mortgagee has given the mortgagor notice of the mortgagee’s intention to call up the amount at the end of the period stated in the notice (the notice period ); and the notice period has expired. (sec.131-ssec.3) The notice period must be at least 3 months starting on the day the mortgagee gives the notice to the mortgagor. (sec.131-ssec.4) In this section— term , of a mortgage, includes a period for which the original term has been renewed or extended. - (a) the term of the mortgage has expired; and - (b) the principal amount secured by the mortgage has not been repaid; and - (c) the mortgagee has, after the end of the term, accepted interest on the principal amount, other than by entering into possession of the property or appointing a receiver, for at least 3 months after the end of the term; and - (d) the mortgagor has performed all obligations or covenants under the mortgage other than the obligation or covenant to repay the principal amount on the due date. - (a) the mortgagee has given the mortgagor notice of the mortgagee’s intention to call up the amount at the end of the period stated in the notice (the notice period ); and - (b) the notice period has expired.