Mining tenement may be mortgaged
119A Mining tenement may be mortgaged
A mining tenement or share in a mining tenement may be mortgaged as security for the repayment of money advanced or agreed to be advanced or for the discharge of any liability.
If there are 2 or more mortgages affecting the same legal interest in a mining tenement, the mortgages take priority according to the time and date of their registration.
A mortgage —
has effect only as security for the repayment of the money intended to be secured by the mortgage and not as an assignment of the mining tenement; and
may cover all buildings, improvements, machinery and appliances in or upon the land comprised in the mining tenement.
The regulations may provide that a mortgage is deemed to contain prescribed provisions unless the mortgage contains express provision to the contrary.
[Section 119A inserted: No. 54 of 1996 s. 17.]
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