Victorian Consolidated Legislation

Instruments Act 1958 - SECT 80

Registration of receipt from mortgagee

80. Registration of receipt from mortgagee

In every case where before or after the commencement of this Act the amount
due or secured upon any mortgage of stock has been or is paid or satisfied to
the person entitled to receive or give a discharge for the same or his agent
in that behalf, and a receipt in writing signed by such person or his agent
has been or is given acknowledging such payment or satisfaction, it shall be
lawful for the mortgagor his executors administrators or assigns to cause a
copy of such receipt verified by affidavit to be registered in the office of
the Registrar-General, who shall register the same on production to him of the
original receipt and of the mortgage to which the same relates, or at his
discretion on production of the receipt alone on proof by statutory
declaration to his satisfaction that the mortgage has been destroyed or cannot
be found, or of some other ground for non-production, and in every case in
which production is dispensed with the declaration on which dispensation is o
btained shall be filed in the office, and a memorandum of such production
having been dispensed with, and referring by number to such declaration, shall
be made upon the original receipt and verified copy and signed by the
Registrar-General at the time of registration; and from and after the
registration of any such verified receipt such registered receipt shall
operate as an extinction of the mortgage, and as a re-assignment of the
mortgaged premises to the mortgagor his executors administrators or assigns,
but without prejudice nevertheless to any previous sale or any assignment in
pursuance thereof under such mortgage deed, and without prejudice to any
second or subsequent mortgage affecting the same stock or any part thereof
then duly registered, unless every party thereto and every assignee of such
mortgage by writing under his hand at the foot of such receipt as aforesaid
have signified their assent to the registration of such receipt.