PROPERTY LAW ACT 1974 - SECT 101
Facilitation of redemption in case of absent or unknown mortgagees
PROPERTY LAW ACT 1974 - SECT 101
Facilitation of redemption in case of absent or unknown mortgagees
101 Facilitation of redemption in case of absent or unknown mortgagees
(1) When any person entitled to receive or alleged to have received payment of
any money secured by mortgage is out of the jurisdiction, cannot be found, or
is unknown, or it is uncertain who is so entitled, the court, upon the
application of the person entitled to redeem the mortgaged premises, may order
the amount of such debt to be ascertained in such manner as the court thinks
fit, and direct the amount so ascertained and not paid (if any) to be paid
into court.
(2) A certificate of the registrar of the court that such payment
was directed and has been made or that no amount remains payable under the
mortgage, shall operate to discharge the mortgage debt, but, as between the
mortgagor and the person so entitled to receive payment, any amount which is
eventually shown by the person entitled to the mortgage debt to have been in
fact due or payable over and above the amount so paid shall continue to be a
debt due under the mortgage.
(3) The court shall order the amount so paid
into court to be paid to the person entitled, upon the application of such
person, and on proof that the deed or instrument of mortgage, and all the
title deeds which were delivered by the mortgagor to the mortgagee on
executing the same, or in connection with the execution, have been delivered
up to the person by whom the amount was so paid into court, or the person’s
executors, administrators, or assigns, or have been otherwise satisfactorily
accounted for.
(4) The certificate referred to in subsection (2) —
(a)
shall, in the case of a mortgage of unregistered land, upon registration of
the certificate under this Act operate in favour of a purchaser of the land as
a discharge of the land as from the date of the certificate and as a
reconveyance of the estate and interest of the mortgagee of and in the
mortgaged property to the person who at the date of the certificate is
entitled to the equity of redemption according to the person’s interest in
the mortgaged property; and
(b) shall, in the case of a mortgage of
registered land, be registrable in the manner prescribed under the
Land Title Act 1994and upon registration shall have effect as a discharge
under that Act; and
(c) shall, in the case of a mortgage registered under the
Land Act, be registered in the manner of a discharge of mortgage under that
Act and upon registration shall have effect accordingly; and
(d) shall, in
the case of a mortgage registered under the Mineral Resources Act, be
delivered to the warden and have effect under that Act as a certificate signed
by the mortgagee to the effect that the debt secured has been paid or
discharged.
(5) For the purpose of effecting registration under subsection
(4) (b) , the registrar may dispense with production of a certificate of title
or other instrument and with the publication of any notice or the doing of any
other act required by the Land Title Act 1994.