85Mortgage money payable to Treasurer if mortgagee absent from Victoria and mortgage discharged

85 Mortgage money payable to Treasurer if mortgagee absent from Victoria and mortgage discharged S. 85(1) amended by Nos 6867 s. 2, 18/1989 s. 12(Sch. 1 item 121 (a)(b)). (1) If a mortgagee is absent from Victoria and there is no person authorized to give a receipt for the mortgage money the Treasurer of Victoria may receive such money with all arrears of interest due thereon in trust for the mortgagee or other person entitled thereto; and thereupon the interest upon such mortgage shall cease to run or accrue and the Registrar shall, upon production of the receipt of the Treasurer for the amount of the mortgage money and interest, make a recording in the Register discharging the land from such mortgage, and that recording shall be a valid discharge from such mortgage. S. 85(2) amended by No. 80/2009 s. 43. (2) The Treasurer shall hold such moneys, together with all dividends and interest which accrue thereon, in the Trust Fund until an application is made to the Treasurer by the mortgagee or other person entitled to the moneys for payment of those moneys. No. 5842 s. 86. S. 86 (Heading) inserted by No. 70/2014 s. 16(1). S. 86 amended by Nos 18/1989 s. 12(Sch. 1 item 122(a)(b)), 70/2014 s. 16(2).