Water Act 1989

A person may lodge with the Registrar a discharge of mortgage signed by the mortgagee, for the Registrar to record in the water register the discharge of the recorded mortgage from the water share.

On a discharge being lodged under subsection (1), the Registrar—

may make a recording in the water register discharging the mortgage; and

on the making of that recording, the water share ceases to be subject to, or liable for, the money secured by the mortgage.

A discharge of mortgage under subclause (1) must be in the approved form.

The Registrar may record in the water register that a recorded mortgage of a water share is discharged despite no discharge of mortgage being produced if—

a mortgagor submits to the Registrar evidence of that person's ownership of the water share; and

proof to the satisfaction of the Registrar that—

all the principal and interest due in respect of the mortgage have been paid to the person entitled to receive them; and

that the person entitled to receive the amounts referred to in subparagraph (i) is dead, cannot be found or in the case of a body corporate, has ceased to exist.

On the recording of a discharge of a recorded mortgage of a water share by the Registrar under subclause (3), the water share ceases to be subject to, or liable for, that mortgage or any money due in respect of it.