94Recording of satisfaction of encumbrance

94 Recording of satisfaction of encumbrance

(1)  [Section 94 Subsection (1) amended by No. 23 of 2021, s. 80, Applied:01 Jan 2022] [Section 94 Subsection (1) amended by No. 23 of 2021, s. 80, Applied:01 Jan 2022] [Section 94 Subsection (1) amended by No. 23 of 2021, s. 80, Applied:01 Jan 2022] [Section 94 Subsection (1) amended by No. 23 of 2021, s. 80, Applied:01 Jan 2022] On proof of the death of an annuitant, or the occurrence of the event or circumstance upon which, in accordance with the provisions of any registered memorandum of encumbrance, the money secured by the memorandum of encumbrance shall cease to be payable, and on proof that all arrears have been paid, the Recorder shall record on the relevant folio of the Register or registered dealing that the memorandum of encumbrance is discharged, and may call in the corresponding certificate of title, if any, grant, if any, or duplicate registered dealing, if any, and the duplicate encumbrance, if any.

(2)  On a recording being made pursuant to subsection (1) , the encumbered estate or interest shall cease to be charged with any money secured by the encumbrance.