LAND ACT 1933 - SECT 145

This legislation has been repealed.

LAND ACT 1933 - SECT 145

145 .         Leases and licences may be mortgaged

        (1)         Subject to section 143, and the restrictions contained in Division (2) of Part V and in Part VI, any lease or licence under this Act not registered as a Crown lease under the Transfer of Land Act Amendment Act 1909 , may be mortgaged as hereinafter provided.

        (2)         When any lease or licence is intended to be charged with or made security for the payment of money, the lessee or licensee shall execute a memorandum of mortgage in the prescribed form.

        (3)         Every memorandum of mortgage must be in duplicate, and must be registered in the Department; and in the case of several mortgages of the same holding they shall take effect according to priority of registration.

        (4)         The prescribed fee shall be payable upon the registration of every such memorandum in respect of every holding comprised in or affected by it.

        (5)         A mortgage may be transferred on payment of the like fee as for registration of the memorandum of mortgage.

        (6)         On the registration of or transfer of a mortgage, the lease or licence if issued must be produced.

        [Section 145 amended by No. 113 of 1965 s.8; No. 65 of 1980 s.7; No. 79 of 1982 s.26; No. 126 of 1987 s.96.]