Malaysia legislation
Section 48
Section 48
In any case where any movable or immovable property of any person is sold by the
Official Receiver, Collector under the Land Ordinance [Cap. 68.], or under any execution process through any court the vendor shall, after paying all expenses of the sale and any encumbrances existing and registered under the provisions of any written law before the grant of any loan made or guaranteed by the Corporation and other claims having priority by the virtue of the provisions of any written law deduct the amount of any loan due to the
Corporation or of any loan due to a bank which has been guaranteed by the Corporation, together with any interest accrued thereon to the date of the sale and pay it to the
Corporation or to the bank as the case may be :
(a)
the obligation imposed by this section on the Official Receiver and court officials shall not in any case arise unless the Corporation or the bank, on or before the date of the sale, gives notice in writing to the Official Receiver or such official, as the case may be, of the existence of an unpaid loan or loans, and unless within seven days after the sale the Corporation gives further notice in writing to the
Official Receiver, or such official, as the case may be, of the amount thereof;
and
(b)
the obligation imposed by this section on the Collector shall only arise in sales in execution for the purpose of enforcing payment of a judgement debt of a judgement creditor or in execution of a registered encumbrance or for arrears of land revenue, and shall not in any case arise unless the Corporation not later than the day before the day of the sale has given to the Collector notice in writing of the existence of the amount of the unpaid loan.
Offences in respect of loans.