Enforcement of Mortgage by the BNZ Bank and Company Incorporation under Corporation Act

Running Head: Corporate Law 0
Corporate Law
(Student Name)

Corporate Law 1
Table of Contents
Question 1..................................................................................................................................2
Enforcement of Mortgage by the BNZ Bank.........................................................................2
Can the assumption of Section 129 of the Corporation Act can be relied on?.......................2
Whether an assumption to the Section 128(4) is applicable or not?......................................3
Conclusion..............................................................................................................................3
Answer 2....................................................................................................................................4
References..................................................................................................................................6

Corporate Law 2
Question 1
Enforcement of Mortgage by the BNZ Bank
A mortgage is the general transfer of interest in the immovable property. This is specifically
done for securing the money advanced by one party to another. The two parties in the
mortgage are:
1. Mortgagor; and
2. Mortgagee.
A mortgagor is the person whose property is being mortgaged in the transaction, whereas the
mortgagee is the person who is person who is lending the money to the mortgagor (Dao,
Godwin and Ramsay, 2016).
The mortgagee has all the right to enforce the security if the payment is not being done. But it
does require few conditions to be met, which are mentioned herein (Liu, 2015).
As unlike in the other countries the Australian law of mortgages vary from one state to
another. Although the recent amendment has made the law uniform throughout the country.
The introduction of National Consumer Credit Protection Act 2009 has made the law uniform
across the country as already mentioned (Carruthers and Skead, 2017).
Hence the BNZ bank has the right to enforce the property in case the amount is not being
paid in full and get the amount realised except when the mortgagor has the decree of
redemption (Healey and Nicholls, 2016).