63
In forceDealing with mortgaged lot
Part 6Dealings directly affecting lots
Division 1Transfers
63 Dealing with mortgaged lot
(1)
If a lot, or an interest in a lot, subject to a registered mortgage is transferred, the transferee is liable—
(a)
to comply with the terms of the mortgage and the terms implied by an Act; and
(b)
to indemnify the transferor against liability under the mortgage and under this or another Act.
(2)
If a mortgagee of a lot becomes the registered owner of the lot, the registrar must register the mortgagee as registered owner released from the mortgage.
(3)
The registrar must act under subsection (2) unless the mortgagee asks the registrar not to act under the subsection.
This Act’s bill:Explanatory memorandum
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