NATIONAL MORTGAGE, FINANCING AND GUARANTEE SCHEME ACT - 1976 (SMCD 23)

    Section - 37 - Interpretation.

    In this Decree unless the context otherwise requires-

    "amount in default" means any amount in respect of a loan granted under this Decree remaining unpaid as a result of the mortgagor's failure to make the necessary payments required by the terms of the mortgage including overdue interest and other charges recoverable in accordance with normal banking practice, so however, that the total amount in default for the purpose of computation of the claims shall not exceed the total amount of the loan in respect of which indemnity has been furnished by the Bank;

    "Bank" means Bank of Ghana;

    "Borrower" means a person who has taken a loan under the Scheme;

    "Commissioner" means Commissioner responsible for Finance;

    "demand note" means a notice to the mortgagor demanding the arrears due;

    "escrow account" means the account described in section 28 of this Decree;

    "housing project" means a project in respect of which a loan is to be or has been granted under this Decree;

    "financial institution" means an institution specified in the First Schedule to this Decree;

    "prescribed" means prescribed by the Bank;

    "valuer" includes a quantity surveyor.