National Consumer Credit Protection Act 2009
SCHEDULE 1
-
NATIONAL CREDIT CODE
A mortgage is void to the extent that it secures an amount, in relation to any credit contract which it secures, that exceeds the sum of the amount of the liabilities of the debtor under the credit contract and the reasonable enforcement expenses of enforcing the mortgage.
49(2)
A mortgage is void to the extent that it secures an amount, in relation to any guarantee which it secures, that exceeds the limit of the guarantor ' s liability under the guarantee and the reasonable enforcement expenses of enforcing the mortgage.
49(3)
This section does not affect a provision of a mortgage permitted by section 47.
Note:
See section 3 of the National Credit Act.
PART 3 - RELATED MORTGAGES AND GUARANTEES Division 1 - Mortgages 49 Maximum amount which may be secured 49(1)A mortgage is void to the extent that it secures an amount, in relation to any credit contract which it secures, that exceeds the sum of the amount of the liabilities of the debtor under the credit contract and the reasonable enforcement expenses of enforcing the mortgage.
49(2)
A mortgage is void to the extent that it secures an amount, in relation to any guarantee which it secures, that exceeds the limit of the guarantor ' s liability under the guarantee and the reasonable enforcement expenses of enforcing the mortgage.
49(3)
This section does not affect a provision of a mortgage permitted by section 47.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.