Author: Nasser Hamid and Maimoonah Hamid
Binding: Soft cover
Publication Price: MYR
The law is stated as of January 15, 2015
The true meaning of "foreclosure" is a process whereby the mortgaged land "becomes absolutely his, i.e. the mortgagee's" (See Stroud's Judicial Dictionary (5th Ed) at p 1010.).
Subject to correction, the word "foreclosure" does not seem to appear anywhere in Part Sixteen of the NLC. Charged land in Selangor can only become the property of a chargee if he successfully bids for it in a sale ordered by the court. In a loose sense therefore, the term foreclosure is being used to mean the steps taken for the sale of the mortgaged property by a court order or by a power of sale contained in the mortgage so that the sale proceeds can be used to pay off the debt: per Mahadev 1 LNS 104;  1 MLJ 608.
Also included is a section on WORDS AND PHRASES.
Subject areas covered: