National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

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 goods  
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.

 

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