Section 381
Liability of receiver or receiver and manager
ActIn forceProvision 381 of 768
Section 381
(2)
Subsection (1) shall not be construed as to constitute the charge holder, as to be a mortgagee in possession.
(3)
For the purposes of this section, “a mortgagee in possession”
means a charge holder who personally or as through an agent exercises a power to—
(a)
receive income from a charged property;
(b)
enter into possession or assume control of a charged property;
or
(c)
sell or otherwise alienate a charged property.