The Short Title of this Act is “The Property Law Consolidation Act 1883 Amendment Act, 1895.”

In case any mortgagee shall be absent from the colony, and there be no person in the colony authorised within the knowledge of the mortgagor to give a receipt for the mortgage-money at or after the date appointed for the redemption of any mortgage, the Colonial Treasurer may receive such mortgage-money, with all arrears of interest then due thereon, in trust for the mortgagee or other person entitled thereto, and thereupon the interest upon such mortgage shall cease to run or accrue.

The receipt of the Colonial Treasurer for the amount of the said mortgage-money and interest shall, on and from the date of such receipt and without any re-conveyance, release the mortgage, further charge, or debt, and vest the estate and interest of the mortgagee, of and in the property in respect of which the mortgage-money has been so paid to the Colonial Treasurer as aforesaid, in the person for the time being entitled to the equity of redemption, subject nevertheless to any other mortgages or charges affecting such property.

And such receipt when registered shall, for the protection of any person dealing with the mortgagor for value and without notice, be conclusive evidence of the happening of all conditions necessary to entitle the Colonial Treasurer to receive the money and execute such receipt.

The Registrar shall be deemed to have had power under section fifty-seven of “The Property Law Consolidation Act, 1883,” from the passing thereof, to convey, and he shall have power to convey, the land to such person or persons as the mortgagee may direct.

There shall be added at the end of subsection three of section forty-seven of “The Property Law Consolidation Act, 1883,” the following additional subsection:—

An executor or administrator of a deceased mortgagee shall be deemed to have had from the passing of “The Property Law Consolidation Act, 1883,” and to have, power to assign or transfer the mortgage-debt, and to convey by deed the property comprised in the mortgage, as fully and effectually as the mortgagee if alive could have done.