PART 5

PROVISIONS APPLYING ONLY TO SECURE CONTRACTS
CHAPTER 3

JOINT CONTRACT-HOLDERS: WITHDRAWAL

Withdrawal
111
1
A joint contract-holder under a secure contract may withdraw from the contract by giving a notice (a “withdrawal notice”) to the landlord.
2
The withdrawal notice must specify the date on which the joint contract-holder intends to cease to be a party to the contract (the “withdrawal date”).
3
The joint contract-holder must give a written warning to the other joint contract-holders when he or she gives the withdrawal notice to the landlord; and a copy of the withdrawal notice must be attached to the warning.
4
The landlord must give a written warning to the other joint contract-holders as soon as reasonably practicable after the landlord receives the withdrawal notice; and a copy of the withdrawal notice must be attached to the warning.
5
The joint contract-holder ceases to be a party to the contract on the withdrawal date.
6
A notice given to the landlord by one or more (but not all) of the joint contract-holders that purports to be a notice under section 163 (contract-holder’s notice to end contract) is to be treated as a withdrawal notice, and the date specified in the notice is to be treated as the withdrawal date.
7
Subsection (3) does not apply to a notice which is treated as a withdrawal notice because of subsection (6).
8
This section is a fundamental provision which is incorporated as a term of all secure contracts.