74Creation and nature of mortgages and charges

74 Creation and nature of mortgages and charges S. 74(1) amended by No. 9976 s. 11, substituted by No. 70/2014 s. 14(1). (1) By instrument in the approved form, the registered proprietor of any land may— (a) mortgage the land; or (b) charge it with the payment of an annuity. S. 74(1A) inserted by No. 70/2014 s. 14(1). (1A) The Registrar may register a mortgage if the mortgagee has— (a) signed the mortgage; and (b) certified that— (i) the mortgagee holds a mortgage granted by the mortgagor; and S. 74(1A)(b)(ii) amended by No. 42/2017 s. 29. (ii) the mortgage held by the mortgagee is on the same terms as the mortgage lodged for registration. (2) Any such mortgage or charge shall when registered have effect as a security and be an interest in land, but shall not operate as a transfer of the land thereby mortgaged or charged. S. 74(3) inserted by No. 70/2014 s. 14(2). (3) A mortgage held by a mortgagee in accordance with subsection (1A) must be retained by the mortgagee until the mortgage is discharged. S. 74(4) inserted by No. 70/2014 s. 14(2). (4) If a mortgage registered in accordance with subsection (1A) ceases to be retained by the mortgagee— (a) the mortgage is no longer taken to be a mortgage or charge on the land and is void; and (b) the mortgagee must discharge the mortgage as soon as practicable. S. 74(5) inserted by No. 70/2014 s. 14(2). (5) A registered mortgage does not operate as a mortgage or charge on the land if for any reason the mortgage is, or is found to be, void or not enforceable at law or in equity and the mortgagee must discharge the mortgage as soon as practicable. No. 5842 s. 75.