National Land Code (Revised - 2020) · Updated to 15 Oct 2020 · Chapter 3 · Remedies of chargees: Sale
267a. Application of deposit upon failure to settle purchase price, etc.
Feedback & supportWhere the purchaser fails to settle the balance of the purchase price within the period specified in the order for sale under section 257 or 263, the deposit shall be forfeited and shall be applied by the chargee as follows:
purchaser
“purchaser” means a person or body who in good faith and for valuable consideration acquires title to, or any interest in, land;
firstly, in the payment of all moneys due specified in paragraphs 268(1)(a) and (b); and
secondly, in the payment of the balance, if any, retained in the account of the chargor for the purpose of reducing the amount due to the chargee in the order of priority specified in paragraphs 268(1)(c), (d) and (e).
285
National Land Code 427
land
“land” includes— (a) that surface of the earth and all substances forming that surface; (b) the earth below the surface and all substances therein; (c) all vegetation and other natural products, whether or not requiring the periodical application of labour to their production, and whether on or below the surface; (d) all things attached to the earth or permanently fastened to anything attached to the earth, whether on or below the surface; and (e) land covered by water;
Provisions of the
National Land Code
Modification
Section 267a
In its application to the Federal Territory of Labuan, delete the words “or 263”.