142Restriction on action to recover deficiency

1. If at any time the mortgagee exercises the power of sale and the amount realised is less than the amount owing under the covenant to repay expressed or implied in the mortgage, no action to recover the amount of the deficiency, or any part of the deficiency, shall be commenced by the mortgagee against any person (other than the mortgagor of the quota at the time of the exercise of the power of sale) unless the mortgagee, at least 1 month before the exercise of the power of sale, serves on that person notice of the mortgagee's intention to exercise the power of sale and to commence action against that person to recover the amount of the deficiency in the event of the amount realised being less than the amount owing under the covenant to repay.

2. A court may, on the application of a mortgagee made ex parte or otherwise as the court thinks fit, waive wholly or in part the 1 month period referred to in subsection (1).