142Automatic lapsing of caveat

142 Automatic lapsing of caveat (1) This section applies to a caveat unless: (a) it is lodged by the registered owner; (b) the consent of the registered owner, in the approved form, is deposited when the caveat is lodged; (c) an office copy of a court order mentioned in section 138(1)(d) or (e) is deposited when the caveat is lodged; (d) it is lodged by the Registrar-General under section 18; or (e) it is lodged other than under this Division. (1A) In addition to subsection (1), this section applies to a caveat lodged by the registered owner of a lot if: (a) the lot is subject to a mortgage; and (b) the grounds stated in the caveat relate to the actions of the mortgagee in relation to: (i) if the mortgage is registered – registration of the mortgage; or (ii) the mortgagee's power of sale. (2) Subject to this section, a caveat to which this section applies lapses at the time specified in subsection (5) or (7). Land Title Act 2000 77 (3) A caveatee of a caveat to which this section applies may serve on the caveator a notice requiring the caveator to start a proceeding in a court to establish the interest claimed under the caveat. (4) The caveatee must notify the Registrar-General within 14 days of service of the notice on the caveator. (5) Except as provided in subsection (6), the caveat lapses: (a) 14 days after notice is served on the caveator under subsection (3); or (b) 3 months after the caveat is lodged under section 138, whichever is earlier. (6) Despite subsection (5), the caveat does not lapse: (a) if an appropriate proceeding has been started by the caveator and the Registrar-General has been notified of the proceeding; or (b) if the caveator, or the authorised agent of the caveator, notifies the Registrar-General within 14 days of being served with the notice under subsection (3) that he or she does not want the caveat to lapse and that he or she has started, or will start, a proceeding to establish the interest claimed under the caveat. (7) If a caveator, or the authorised agent of the caveator, has notified the Registrar-General under subsection (6)(b) that he or she will start a proceeding, the caveat lapses 3 months after the notice under subsection (3) was served on the caveator if the caveator does not, within that time, provide the Registrar-General with evidence that the proceedings have been started. (8) The Registrar-General may remove a caveat that has lapsed from the land register.