12BMortgagee or mortgagor may be recorded as registered proprietor

12B Mortgagee or mortgagor may be recorded as registered proprietor

12B Mortgagee or mortgagor may be recorded as registered proprietor

(1) Where it appears to the Registrar-General that the legal estate in land is vested in a mortgagee and the Registrar-General creates under any provision of this Act, other than section 17 (2), a folio of the Register for the land, the Registrar-General may record the mortgagee or the mortgagor in the folio as registered proprietor of the land.

(2) Where, pursuant to subsection (1) or section 17 (2), the Registrar-General records a mortgagee as registered proprietor in a folio of the Register for any land, the Registrar-General shall record in the folio the Registrar-General’s caveat forbidding the recording in the Register of any dealing relating to that land by the mortgagee other than a dealing giving effect to an exercise of the mortgagee’s powers as mortgagee.

s 12B: Ins 1979 No 164, Sch 3 (3).