Section 254
Service of default notice, and effect thereof
of National Land Code (Revised - 2020)
(1)
Where, in the case of any charge, any such breach of agreement as is mentioned in subsection 253(1) has been continued for a period of at least one month or such alternative period as may be specified in the charge which shall not be less than one month, the chargee may serve on the chargor a notice in Form 16d—
(a)
specifying the breach in question;
(b)
requiring it to be remedied within one month of the date on which the notice is served, or such alternative period as may be specified in the charge which shall not be less than one month; and
(c)
warning the chargor that, if the notice is not complied with, he will take proceedings to obtain an order for sale.
(2)
Where, after the service of any such notice, the charged land or lease becomes vested in any other person or body, the notice shall be as valid and effectual against that person or body as it was against the person or body on whom it was served.
(3)
If at the expiry of the period specified in any such notice the breach in question has not been remedied—
(a)
the whole sum secured by the charge shall (if it has not already done so) become due and payable to the chargee;
and
(b)
the chargee may apply for an order for sale in accordance with the following provisions of this Chapter:
Provided that paragraph (a) shall not apply to any charge to secure the payment of an annuity or other periodic sum.
271
Act 828