Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_51
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 51
Character Range: 834148–835144

51  Assignment or disposal of mortgaged property by mortgagor
 (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.
 (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).
 (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.
 (4) Subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.