HOME MORTGAGE FINANCE ACT, 2008 (ACT 770)
Section 15—Duties of a receiver
(1) The receiver may take possession of the mortgaged property in the manner specified in this Act.
(2) The receiver
(a) may collect by demand or take action in the name of the mortgagor or mortgagee for the income including arrears which accrue from the mortgaged property,
(b) shall give valid receipts for income collected, and
(c) may take any action that is necessary to manage the property.
(3) The receiver may make reasonable repairs and improvements to the property to
(a) protect its value, or
(b) maintain or increase the income from the property.
(4) The mortgagee may direct the receiver in writing to insure the mortgaged property and remedy any defects of insurable nature in the mortgage to the extent, if any, which the mortgagor ought to have insured and kept insured.
(5) The receiver shall apply money received to
(a) discharge rents, taxes, rates and other outgoings that affect the mortgaged property;
(b) pay sums or interest on the principal sums that are due and have priority to the mortgage;
(c) pay the commission and the premium to be paid in accordance with the mortgage and cost of necessary repairs;
(d) pay the interest accruing in respect of the principal money due under the mortgage;
(e) discharge the principal amount due under the mortgage as determined
and pay the residue if any, or the money received to the person who but for the possession of the receiver would have been entitled to receive the income for which the receiver is appointed or who is otherwise entitled to the mortgaged property.
Subject : Mortgage
Procedure to Follow
Not Avaiable
Responsible Institution
Securities and Exchange Commission
No. 30, 3rd Circular Road, Cantonments, Accra.
- Email: info@sec.gov.gh
- Website: https://sec.gov.gh/
- GPS: GL-076-6028
- Telephone: 0302768970
Relevant Forms to Download
Online System
Fees/ charges
Not Avaiable
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