Unit Titles Act 2010

198 Mortgages and charges to be discharged before deposit of unit plan

• (1) No unit plan may be deposited under this subpart while the land to which it relates or any part of that land is subject to any mortgage or charge unless the mortgage or charge relates to no land shown on the plan other than a proposed unit or units in respect of which (under section 43(2)) the Registrar has been requested at the time when the plan is deposited to create a separate computer register.

  (2) If a unit plan is deposited in accordance with subsection (1) while there is a mortgage or charge over the unit or units for which (under section 43(2)) the Registrar is requested to create a separate computer register, the deposit of the plan and the creation of the computer register does not affect the mortgage or charge; and if, on the creation of the separate computer register, the stratum estate in the unit or units is subject to the mortgage or charge, then the mortgage or charge must be notified on the computer register in a manner so as to preserve its priority.

  Compare: 1972 No 15 s 63