TRANSFER OF LAND ACT 1893 - SECT 127A

TRANSFER OF LAND ACT 1893 - SECT 127A

127A .         Subsequent mortgages or charges

        (1)         In this section —

        mortgage includes a charge;

        mortgagee includes an annuitant.

        (2)         If any land under the operation of this Act is subject to a mortgage, the registration of a subsequent mortgage does not require the consent of the existing mortgagee.

        (3)         If any land under the operation of this Act is subject to a mortgage, the execution or attempted execution of a subsequent mortgage does not —

            (a)         constitute a breach of any term, covenant or condition contained in the existing mortgage; or

            (b)         give rise to any forfeiture or penalty; or

            (c)         make payable or accelerate the time for payment of any sum or sums that, if the execution or attempted execution of the subsequent mortgage had not happened, would not have been payable or would not have been payable at that time.

        (4)         This section has effect despite any provision to the contrary in any mortgage.

        (5)         This section does not apply to or in relation to any mortgage registered before the Electronic Conveyancing Act 2014 section 74 comes into operation.

        [Section 127A inserted: No. 2 of 2014 s. 74.]

[ 127.         Deleted: No. 21 of 2022 s. 29]