Recording of mortgages
1 Recording of mortgages
If the owner of a water share mortgages it, a person may lodge with the Registrar a document for the recording of the mortgage to be made in the water register in respect of that share.
Sch. 12A cl. 1(2) substituted by No. 85/2006 s. 137.
The owner of a water share must not mortgage an undivided portion of the water share.
Sch. 12A cl. 1(2A) inserted by No. 85/2006 s. 137.
The holder of a limited term transfer of a water share must not mortgage the limited term transfer of the water share.
A document lodged for the recording in the water register of a mortgage under subclause (1) must be in the approved form.
When the Registrar records a mortgage in the water register under this clause, that mortgage—
has effect as a security;
does not operate as a transfer of the water share to which it applies.
Note to Sch. 12A cl. 1 inserted by No. 24/2013 s. 39.
Note
Sections 33W and 33X apply to mortgages recorded under this clause.
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