National Consumer Credit Protection Act 2009
SCHEDULE 1
-
NATIONAL CREDIT CODE
A mortgage must be in the form of a written mortgage document that is signed by the mortgagor.
42(2)
It is sufficient compliance with subsection (1) if:
(a) the mortgage is contained in a credit contract signed by the mortgagor; or
(b) one of the documents comprising the mortgage document is signed by the mortgagor (and the other documents are referred to in the signed document).
42(3)
However, a goods mortgage need not be in the form of a written mortgage document if the credit provider lawfully had possession of the goods that are subject to the mortgage before the mortgage was entered into, otherwise than because the credit provider supplied the goods (for example, the goods were held by way of security).
42(4)
A mortgage is not enforceable unless it complies with this section.
Note:
See section 3 of the National Credit Act.
PART 3 - RELATED MORTGAGES AND GUARANTEES Division 1 - Mortgages 42 Form of mortgage 42(1)A mortgage must be in the form of a written mortgage document that is signed by the mortgagor.
42(2)
It is sufficient compliance with subsection (1) if:
(a) the mortgage is contained in a credit contract signed by the mortgagor; or
(b) one of the documents comprising the mortgage document is signed by the mortgagor (and the other documents are referred to in the signed document).
42(3)
However, a goods mortgage need not be in the form of a written mortgage document if the credit provider lawfully had possession of the goods that are subject to the mortgage before the mortgage was entered into, otherwise than because the credit provider supplied the goods (for example, the goods were held by way of security).
42(4)
A mortgage is not enforceable unless it complies with this section.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.