Property Law Amendment Act 1982
Property Law Amendment Act 1982
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Property Law Amendment Act 1982
Property Law Amendment Act 1982
Public Act |
1982 No 49 |
|
Date of assent |
13 November 1982 |
|
Contents
An Act to amend the Property Law Act 1952
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:
1 Short Title and commencement
(1)
This Act may be cited as the Property Law Amendment Act 1982, and shall be read together with and deemed part of the Property Law Act 1952 (hereinafter referred to as the principal Act).
(2)
Section 4(2) of this Act shall come into force on the 1st day of April 1983.
(3)
Except as provided in subsection (2) of this section, this Act shall come into force on the 28th day after the date on which it receives the Governor-General’s assent.
2 Certain instruments to be in writing
(1)
Section 49a of the principal Act (as inserted by section 2 of the Property Law Amendment Act 1980) is hereby amended by inserting in subsection (1), before the word “interest”
, the word “legal”
.
(2)
The said section 49a (as so inserted) is hereby further amended by inserting in subsection (5), after paragraph (a), the following paragraph:
“(aa)
Affect the creation of any lease—
“(i)
Of land subject to the Land Transfer Act 1952, for a term of less than 3 years; or
“(ii)
Of any other land, for a term not exceeding 1 year; or”.
(3)
The said section 49a (as so inserted) is hereby further amended by inserting in subsection (6), after the words “for sections”
, the words “1 to 3 and”
.
3 Right of mortgagor to bring proceedings against mortgagee
The principal Act is hereby amended by inserting, after section 80a (as inserted by section 2 of the Property Law Amendment Act 1959 and amended by section 2 of the Property Law Amendment Act 1975), the following section:
“80b
“(1)
The rule of law whereby the mortgagor is barred from instituting any proceedings in relation to the mortgage against the mortgagee unless he has first offered to redeem the mortgaged land is hereby abolished.
“(2)
Notwithstanding any provision to the contrary in the instrument of mortgage, the mortgagor may institute any proceedings against the mortgagee notwithstanding that he has not first offered to redeem the mortgaged land.”
4 Mortgagee’s notice of intention to exercise rights
(1)
Section 92 of the principal Act is hereby amended by omitting from subsection (1) the words “specifying the default complained of and a date on which the power will become exercisable or the moneys will become payable, as the case may be, and requiring the owner to remedy the default, and the owner fails to remedy the default before the date so specified”
, and substituting the words “that complies with the requirements of this section, and (in any case where the default complained of is capable of remedy) the owner fails to remedy the default before the date specified in the notice”
.
(2)
The said section 92 is hereby further amended by inserting, after subsection (1) (as so amended), the following subsection:
“(1a)
Every notice shall be in the form prescribed by regulations made under this Act; but no notice shall be void by reason of any variation from the prescribed form unless the notice does not adequately inform the mortgagor of—
“(a)
The nature and extent of the default complained of; and
“(b)
The date (being a date that complies with the provisions of subsection (2) of this section) by which he is required to remedy the default (if it is capable of remedy); and
“(c)
The rights that the mortgagee will be entitled to exercise if the default is not remedied within the specified period,—
and the variation materially prejudices the interests of the mortgagor.”
(3)
The said section 92 is hereby further amended by omitting from subsection (2) the words “1 month”
, and substituting the words “4 weeks”
.
(4)
Section 92 of the principal Act is hereby amended by inserting, after subsection (4), the following subsection:
“(4a)
Where, in the case of land subject to the Land Transfer Act 1952, a caveat in form N in the Second Schedule to that Act has been lodged (otherwise than by the District Land Registrar) subsequent to the registration of the mortgage, the provisons of subsection (4) of this section shall apply as if the caveat were a subsequent mortgage.”
5 Term “estimate of value”
replaced by “redemption price”
(1)
Section 99 of the principal Act is hereby amended by omitting from subsection (1) the words “the value at which he estimates the land to be sold”
, and substituting the words “the price (in this section and sections 100 and 101 of this Act termed the redemption price) at which the mortgagor may redeem the land to be sold”
.
(2)
The said section 99 is hereby further amended by inserting in subsection (1a) (as inserted by section 3(1) of the Property Law Amendment Act 1975), after the words “name and address”
where they first occur, the words “(or, where they are unknown to the applicant, the last known place of residence or business)”
.
(3)
The said section 99 is hereby further amended by omitting from paragraph (b) of subsection (2) (as substituted by section 3(2) of the Property Law Amendment Act 1975), the words “value at which the applicant has estimated”
, and substituting the words “redemption price of”
.
(4)
Section 100 of the principal Act is hereby amended—
(a)
By omitting the words “value of the land, as estimated by the mortgagee,”
, and substituting the words “redemption price of the land”
:
(b)
By omitting the words “estimated the value thereof as aforesaid”
, and substituting the words “fixed the redemption price in his application for sale”
.
(5)
Section 101 of the principal Act is hereby amended by omitting from subsection (3) the words “value of the land as estimated by the mortgagee as aforesaid”
, and substituting the words “redemption price of the land”
.
6 Fees payable on applications
(1)
Section 103(1)(a) of the principal Act (as amended by section 2(1)(a) of the Property Law Amendment Act 1967) is hereby amended by omitting the words “A fee of $10”
, and substituting the words “The prescribed fee”
.
(2)
Section 103(1)(b) of the principal Act (as amended by section 2(1)(b) of the Property Law Amendment Act 1967) is hereby amended by omitting the words “$10 or more than $100”
, and substituting the words “the minimum or more than the maximum pescribed”
.
(3)
Notwithstanding subsections (1) and (2) of this section, the fees that would have been payable under paragraphs (a) and (b) of section 103(1) of the principal Act had those subsections not been enacted shall continue to be payable until any other fee is payable by virtue of any regulations made under section 104a(b) of that Act.
7 Regulations
The principal Act is hereby amended by inserting, after section 104, the following heading and section:
“Regulations
“104a
The Governor-General may from time to time, by Order in Council, make regulations for all or any of the following purposes:
“(a)
Prescribing the form of notice required by section 92 of this Act to be given by the mortgagee before the mortgagee exercises his rights on default:
“(b)
Prescribing the application fee payable under paragraph (a) of section 103(1) of this Act, and the minimum and maximum fees payable under paragraph (b) of that provision:
“(c)
Prescribing the form and manner of advertising of sales to be conducted by Registrars under section 99 of this Act:
“(d)
Prescribing conditions of sale to apply in respect of sales under that section, and providing for the variation of any such conditions by the Registrar, whether on the application of the mortgagee or of his own motion:
“(e)
Providing for such other matters as are contemplated by or necessary for giving full effect to this Part of this Act and for its due administration.”
8 Service of notices
(1)
Section 152 of the principal Act is hereby amended by adding to subsection (1) the words “, unless the intended recipient of the notice proves that, otherwise than through any fault on his own part, it was not delivered at that time”
.
(2)
The said section 152 is hereby further amended by inserting, after subsection (6), the following subsection:
“(6a)
Without limiting the generality of the foregoing provisions of this section, this section applies to every notice to be served for the purposes of section 92 or section 118 of this Act, notwithstanding anything in the instrument of mortgage or lease.”
(3)
The said section 152 is hereby further amended by omitting from subsection (7) the word “This”
, and substituting the words “Except as provided by subsection (6a) of this section, this”
.
This Act is administered in the Department of Justice.
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Versions
Property Law Amendment Act 1982
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