National Consumer Credit Protection Act 2009

SCHEDULE 1 - NATIONAL CREDIT CODE  

Note:

See section 3 of the National Credit Act.

PART 3 - RELATED MORTGAGES AND GUARANTEES  

Division 1 - Mortgages  

45   Restriction on mortgage of future property  

45(1)    
A provision in a mortgage to the effect that the mortgagor creates or agrees to create a mortgage over or in respect of property or a class of property that is to be, or may be, acquired by the mortgagor after the mortgage is entered into is void.

45(2)    
However, this section does not apply:


(a) to a provision in a mortgage of property that is to be acquired wholly or partly with the credit provided under the credit contract secured by the mortgage; or


(b) to a provision in a mortgage relating to property or a class of property (whether or not ascertained) described or identified in the mortgage; or


(c) to a provision in a mortgage relating to goods acquired in replacement for, or as additions or accessories to, other goods subject to the mortgage; or


(d) to any other provision specified by the regulations.

 

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