112Discharge of mortgage by Public Trustee

112 Discharge of mortgage by Public Trustee (1) If all the money secured by a mortgage has been paid by the mortgagor, and the mortgagee: (a) is dead; (b) cannot be found; or (c) is incapable of executing a discharge of the mortgage, the Public Trustee may execute a discharge of the mortgage. (2) The Public Trustee may require a person at whose instance the Public Trustee proposes to exercise his or her power under subsection (1) to undertake to indemnify the Public Trustee in respect of the costs or liabilities incurred in connection with or by Law of Property Act 2000 74 reason of the exercise of the power. (3) A discharge executed under subsection (1) has the same effect as a discharge executed by the mortgagee except that it is not to operate as a discharge of the personal covenants of the mortgage. (4) In the case of a mortgage to secure contingent liabilities or to secure both the payment of money and contingent liabilities, the reference in subsection (1) to all the money secured by a mortgage that has been paid is or includes (as the case requires) a reference to any of those contingencies that have become incapable of occurring.