Effect on enforcement warrant of transfer after sale by mortgagee
61T Effect on enforcement warrant of transfer after sale by mortgagee
Subsection (2) applies if—
a mortgage is registered over a plantation licence or plantation sublicence; and
an enforcement warrant is later registered in relation to the plantation licence or plantation sublicence.
If the mortgagee of the plantation licence or plantation sublicence signs a transfer of the plantation licence or plantation sublicence after exercising the power of sale under the mortgage—
registration of the enforcement warrant does not prevent registration of the transfer; and
on registration of the transfer, the registrar of titles must cancel registration of the enforcement warrant.
To remove any doubt, it is declared that a transfer of a plantation licence or plantation sublicence by a mortgagee exercising its power of sale is subject to the requirements of this Act relating to consent to the transfer of a plantation licence or plantation sublicence.
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