PROPERTY LAW ACT 1974 - SECT 79
Variation of mortgage
PROPERTY LAW ACT 1974 - SECT 79
Variation of mortgage
79 Variation of mortgage
(1) A mortgage evidenced by an instrument of mortgage in respect of land may
be varied by a memorandum of variation, which may—
(a) increase or reduce
the rate of interest payable in respect of the debt or obligation secured by
the mortgage; or
(b) increase or reduce the amount secured by the mortgage;
or
(c) shorten, extend or renew the term or currency of the mortgage; or
(d)
vary any condition, covenant or other provision of the instrument of mortgage;
or
(e) provide for any 1 or more of the matters mentioned in paragraphs (a)
to (b) .
(2) A memorandum of variation may be registered and, if registered,
must be in the approved form, with such variations or additions as
circumstances may require.
(3) The power of and procedure for variation
provided by this section shall be in addition to any other such power existing
at law.
