National Consumer Credit Protection Act 2009
Note:
See section 3 of the National Credit Act.
PART 3 - RELATED MORTGAGES AND GUARANTEES Division 1 - Mortgages 51 Assignment or disposal of mortgaged property by mortgagor 51(1)A mortgagor must not assign or dispose of property that is subject to a mortgage without the credit provider ' s consent or the authority of the court under subsection (3).
Criminal penalty: 50 penalty units.
51(2)
The credit provider must not unreasonably withhold consent or attach unreasonable conditions to the consent (but a condition requiring security over property of an equivalent kind and value is not to be regarded as unreasonable).
51(3)
The court may, on application by a mortgagor, authorise the mortgagor to dispose of mortgaged property on conditions determined by the court if:
(a) the credit provider fails within a reasonable time to reply to a request for consent to do so by the mortgagor; or
(b) consent is unreasonably withheld, or unreasonable conditions are attached to the consent.
51(4)
Subsection (1) is an offence of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code .
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