Dermot Ahern (Louth, Fianna Fail)

I move amendment No. 27a:

In page 65, line 2, to delete "and notwithstanding any stipulation to the contrary".

This is consequential on changes already made to section 95 on Committee Stage. Section 95(3), as amended on Committee Stage, provides that the mandatory provisions in Chapter 3 of Part 9 relating to the powers and rights of lending institutions apply to a house loan mortgage but in other cases, i.e. commercial mortgages, the terms of the mortgage deed apply.

The consequential amendment to section 98 means that where the lending institution has taken possession of a dwelling under sections 96 or 97, it must take steps within a reasonable time either to sell the property under section 99 or to let it under section 111. It cannot hold on to the property indefinitely. In cases other than house loan mortgages, the mortgagee may act in accordance with the terms of the deed of mortgage.

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