42.
| (1) Save as otherwise provided in subsection (2), the provisions of sections 39 and 41 shall apply in the case of any default notwithstanding that the borrower may have died or that any right, title or interest whatsoever in the property mortgaged as security for the loan may have passed by voluntary conveyance or by operation of law to any other person. |
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| (2) Where the borrower is dead and probate of his will or letters of administration to his estate have not been issued, the District Court of Colombo or the District Court having jurisdiction over the place where that property is situate may, upon application made in that behalf by the Board of Directors and after service of notice of the application on such persons, if any, as the court may order, and if satisfied that the grant of probate or the issue of letters of administration is likely to be unduly delayed, appoint a person to represent the estate of the borrower for the purposes of this section ; and the provisions of sections 39 and 41 shall not apply in the case of any default made by the borrower unless and until a representative of his estate is appointed under this section. |
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Sri Lanka Consolidated Acts