Thursday, December 3, 2020

Body Corporate And Community Management Act 1997

Chapter 4
Part 2
Division 1
Section 202

Notice of intention not to proceed to enforce mortgage | Section 202

(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.

(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.

© Sourced from the Queensland Legislation website at 1 April 2020. For the latest information on Queensland Government legislation please go to https://www.legislation.qld.gov.au.

Disclaimer: Reproduced from the Body Corporate and Community Management Act 1997. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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