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Mortgagee sale obligations tightened

Dixon, William M. (2009) Mortgagee sale obligations tightened. The Queensland Lawyer, 29(4), pp. 179-180.

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Abstract

The enactment of the Property Law (Mortgagor Protection) Amendment Act 2008 (Qld), means that the obligations of a mortgagee exercising power of sale or a receiver selling have been substantially tightened in Queensland.

Background

As explained in the explanatory notes accompanying the legislation, with current global economic and financial circumstances, there were concerns about the position of mortgagors when mortgagees exercised their powers of sale. The objective of the amending legislation was to protect the interests of mortgagors by strengthening the statutory provisions relating to the duty of the mortgagee exercising power of sale to take reasonable care to ensure the property is sold at market value. The amending legislation was urgently passed without any consultation process.

Impact and interest:

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ID Code: 42436
Item Type: Journal Article
Keywords: Property Law (Mortgagor Protection) Amendment Act 2008 (Qld), mortgagee obligations , powers of sale
ISSN: 0312-1658
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Property Law (excl. Intellectual Property Law) (180124)
Divisions: Current > QUT Faculties and Divisions > Faculty of Law
Copyright Owner: Copyright 2009 Lawbook Company
Deposited On: 06 Jul 2011 09:09
Last Modified: 07 Jul 2011 19:38

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