Body Corporate and Community Management Act 1997
sec.202Notice of intention not to proceed to enforce mortgage
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sec.202 Notice of intention not to proceed to enforce mortgage
If a mortgagee in possession of a lot included in a community titles scheme decides not to enforce the mortgage, the mortgagee must immediately give written notice of the decision to the body corporate. Maximum penalty—20 penalty units. On giving the written notice, the mortgagee ceases to be a mortgagee in possession of the lot and is not the owner of the lot under this Act. (sec.202-ssec.1) If a mortgagee in possession of a lot included in a community titles scheme decides not to enforce the mortgage, the mortgagee must immediately give written notice of the decision to the body corporate. Maximum penalty—20 penalty units. (sec.202-ssec.2) On giving the written notice, the mortgagee ceases to be a mortgagee in possession of the lot and is not the owner of the lot under this Act.