Malaysia legislation
Section 52
Section 52
Misapplication of loan
(a)
where such loan has been secured by charge or mortgage, by notice in writing addressed to the chargor or mortgagor, recall the said loan or any part thereof and may require the loan or that part together with any interest due on such loan or part thereof on the date of the notice to be repaid on a date to be specified in the notice and in default of payment on such specified date any security given for the purpose of the loan may thereupon be realized;
(b)
where such loan has been secured otherwise than by way of charge or mortgage, by notice addressed to the borrower, request the loan or any part thereof together with any interest due on such loan or part thereof on the date of the notice to be repaid on a date to be specified in the notice and in default of payment on such specified date any security given for the purpose of the loan may thereupon be realized.
(2)
Subsection (1) shall be in addition to any other proceedings under any other written law.
Land Development 37
Enforcement of securities