Section 267a
Application of deposit upon failure to settle purchase price, etc.
of National Land Code (Revised - 2020)
Where 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:
(a)
firstly, in the payment of all moneys due specified in paragraphs 268(1)(a) and (b); and
(b)
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
Provisions of the
National Land Code
Modification
Section 267a
In its application to the Federal Territory of Labuan, delete the words “or 263”.
Act 828