Section 20: Sale of mortgaged property

20. Sale of mortgaged property (1) Where the Commissioner is satisfied that all possible means of doing otherwise than as provided for in sections 14, 15, 17 and 18 have been exhausted, he shall— (a) authorise, in the first instance, the borrower or the guarantor, if any, to sell, within such time as the Commissioner may determine, the mortgaged property by private contract; or (b) where the mortgaged property is not sold within the time referred to in paragraph (a), the price offered does not reflect the market value of the property or there is no potential buyer, proceed with the sale of the property by calling for sealed offers in such manner as may be prescribed. (2) No sale under subsection (1) (a) shall be effected unless— (a) the sale is made under the supervision of the Commissioner; and (b) the Commissioner is satisfied that the price offered reflects the market value of the property, as recommended by the Chief Government Valuer in writing. (3) Where the Commissioner proceeds with the sale of the property by way of sealed offers, he may, on the recommendation of the Chief Government Valuer, approve the sale of the property to the highest bidder. (4) Parts I and II of the Sale of Immovable Property Act shall not apply to an immovable property given as security under this Act. (5) Section 28 (2) of the Land (Duties and Taxes) Act and section 17 of the Registration Duty Act shall not apply to a sale of an immovable property authorised under this Act. (6) The distribution of the proceeds of the sale of an immovable property under this Act shall be governed by the provisions of the Sale of Immovable Property Act. PART V – MISCELLANEOUS