National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
A credit provider that sells mortgaged goods under section 104 is entitled to deduct from the proceeds of that sale only the following amounts:
(a) the amount currently secured by the mortgage in relation to the credit contract, not being more than the amount required to discharge the contract;
(b) the amount payable to discharge any prior mortgage to which the goods were subject;
(c) the amounts payable in successive discharge of any subsequent mortgages to which the goods were subject and of which the credit provider had notice;
(d) the credit provider ' s reasonable enforcement expenses.
Note:
See section 3 of the National Credit Act.
PART 5 - ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES Division 4 - Enforcement procedures for goods mortgaged 105 105 Matters for which account can be debited after mortgagee sale of goodsA credit provider that sells mortgaged goods under section 104 is entitled to deduct from the proceeds of that sale only the following amounts:
(a) the amount currently secured by the mortgage in relation to the credit contract, not being more than the amount required to discharge the contract;
(b) the amount payable to discharge any prior mortgage to which the goods were subject;
(c) the amounts payable in successive discharge of any subsequent mortgages to which the goods were subject and of which the credit provider had notice;
(d) the credit provider ' s reasonable enforcement expenses.
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