72Disclaimer in bankruptcy – leases

72 Disclaimer in bankruptcy – leases (1) The Registrar-General may register a disclaimer of a lease only if the disclaimer and a request to register it is lodged. (2) The disclaimer operates as a surrender of the lease on it being (3) If the lease is mortgaged, a mortgagee may apply to the Registrar- General to register a notice of foreclosure. (4) A notice of foreclosure must be accompanied by the disclaimer. (5) On the notice of foreclosure being registered: (a) the estate or interest of the bankrupt in the lease vests in the mortgagee free from all other charges; and (b) the Registrar-General must register the mortgagee as registered proprietor of the lease. (6) A notice of foreclosure must not be registered unless the Registrar- General is satisfied that the mortgagee: (a) has given 14 days written notice of his or her intended application to every subsequent mortgagee of the lease; or (b) has obtained the written consent of every subsequent mortgagee of the lease.

Land Title Act 2000 51 (7) A subsequent mortgagee may pay to the mortgagee the amount due to the mortgagee under the mortgage, with costs, at any time before foreclosure. (8) On paying the amount under subsection (7), the subsequent mortgagee is entitled to a transfer from the mortgagee of the