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Land Titles Act 1980
75Submortgages
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75 Submortgages
(1) *[Section 75 Subsection (1) amended by No. 21 of 1996, s. 19 ]*A mortgagee may create a submortgage in favour of a person by executing a transfer of mortgage by way of security in an approved form.
(2) Section 60 applies to a transfer of mortgage under this section, but nothing in that section prevents a court from giving effect to a covenant contained in a transfer of mortgage that the transferee will execute a registrable transfer of the mortgage to the transferor by way of discharge of the security.