REAL PROPERTY ACT 1900 - SECT 13KA Treatment of instruments affecting land dealt with under section 13K

REAL PROPERTY ACT 1900 - SECT 13KA

13KA Treatment of instruments affecting land dealt with under section 13K

(1) In this section,
"prescribed instrument" means a mortgage, charge or covenant charge--

(a) that affects land in respect of which a new folio of the Register is created pursuant to section 13K, and

(b) that has been registered in the General Register of Deeds kept pursuant to Division 1 of Part 23 of the Conveyancing Act 1919 or, in the case of a covenant charge, in the Register of Causes, Writs and Orders kept pursuant to that Act, and

(c) the existence of which is disclosed in the records of land tenures or holdings kept by the Department, the Department of Industry or the Water Administration Ministerial Corporation, and

(d) that, in the opinion of the Registrar-General, could have been registered under the provisions of this Act as a mortgage, charge or covenant charge if the instrument had been drawn in a form approved by the Registrar-General.

(2) When a new folio of the Register is created pursuant to section 13K for land that is affected by a prescribed instrument and the folio is created for the estate or interest of a person other than the mortgagee, chargee or covenant chargee entitled under the instrument--

(a) the Registrar-General may record the instrument in the Register in such manner as the Registrar-General considers appropriate, and

(b) the mortgagee, chargee or covenant chargee, as the case may be, named in the recording is to be taken to be registered under the provisions of this Act as proprietor of a mortgage, charge or covenant charge registered under this Act in respect of the land, and

(c) a person who, by the operation of paragraph (b), is to be taken to be a registered proprietor of a mortgage, charge or covenant charge is entitled to exercise the same rights, powers and remedies as if the mortgage, charge or covenant charge had been drawn in the approved form and registered in the manner provided by this Act.

(3) Nothing in this section requires the Registrar-General to create a folio of the Register for the estate or interest of a mortgagor, charger or covenant charger.