Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies to the transfer of the interest constituted by the mortgage of a lot or an interest in a lot.
(2) Before the instrument of transfer is lodged for registration, the transferee under the instrument of transfer (the mortgage transferee) must take reasonable steps to ensure the person who executed the instrument of mortgage as mortgagor was identical with the person who, when the instrument of mortgage was executed, was, or was about to become, the registered proprietor of the lot, or the interest in a lot.
(3) Without limiting subsection (2), the mortgage transferee takes reasonable steps under the subsection if the mortgage transferee complies with practices included in the manual of land title practice under section 9A(2)(c) for the verification of identification of mortgagors.
(4) The mortgagee transferee must, for 7 years after the instrument of transfer of the mortgage is registered, and whether or not there is registered a further transfer of the interest constituted by the mortgage--
(a) keep, in the approved form, a written record of the steps taken under subsection (2); or
(b) keep originals or copies of the documents and other evidence provided to or otherwise obtained by the mortgage transferee in complying with subsection (2).
Maximum penalty--20 penalty units.
(5) The registrar may, whether before or after the registration of the instrument of transfer of the mortgage, and whether or not there has been registered a further transfer of the interest constituted by the mortgage, ask the mortgage transferee--
(a) to advise the registrar about the steps taken by the mortgage transferee under subsection (2); and
(b) to produce for the registrar's inspection the written record mentioned in subsection (4)(a) or the originals or copies mentioned in subsection (4)(b).
(6) The mortgage transferee must comply with a request under subsection (5) unless the mortgage transferee has a reasonable excuse.
Maximum penalty--20 penalty units.
(7) This section applies to an instrument of transfer of a mortgage only if the instrument of transfer is executed after the commencement of this section.
(8) However, this section applies in relation to an instrument of mortgage whenever executed.