Property Law Act 2007

If you need more information about this Act, please contact the administering agency: Ministry of Justice

Discharge, assignment, and variation of mortgages

83 Discharge of mortgage

(1)

A mortgage over property may be wholly or partially discharged by an instrument that—

(a)

is endorsed on, or attached to, the mortgage instrument, or the existence of which is recorded on or with the mortgage instrument; and

(b)

is executed by the mortgagee in the same manner as a deed is required to be executed; and

(c)

states that the mortgagee discharges the property from the mortgage wholly or in part, or words to that effect.

(2)

A mortgage over land under the Land Transfer Act 2017 may also be wholly or partially discharged by a mortgage discharge instrument that is registered under that Act.

(3)

A mortgage discharge instrument that is duly executed under subsection (1) or registered under subsection (2)—

(a)

operates as if it were a deed; and

(b)

transfers or releases to the current mortgagor the interest of the mortgagee in the mortgaged property to the extent specified in the instrument.

Compare: 1952 No 51 s 79(1)(a), (2), (4)

Section 83(2): amended, on 12 November 2018, by section 250 of the Land Transfer Act 2017 (2017 No 30).