(1) The proprietor of
land under the operation of this Act may —
mortgage the land; or
charge the land with the payment of an annuity.
(2) A mortgage or
charge shall be in an approved form.
(3) Subsection (4)
applies if —
counterpart of an instrument purporting to mortgage or charge any land under
the operation of this Act (the charging instrument ) is lodged for
registration in accordance with regulations made under this Act or
requirements determined under section 182A; and
counterpart of the charging instrument lodged —
purports to be signed by the person who, on registration
of the mortgage or charge, will become the proprietor of the mortgage or
does not purport to be signed by the proprietor of the
counterpart of the charging instrument purporting to be signed by the
proprietor of the land is not also lodged for registration; and
charging instrument is registered.
(4) If this subsection
applies, the mortgage or charge is not valid or binding against the proprietor
of the land unless, before the charging instrument was registered, the
proprietor of the land signed a counterpart of the charging instrument.
(5) Subsection (4)
overrides section 58.
[Section 105 inserted: No. 81 of 1996 s. 65;
amended: No. 2 of 2014 s. 73.]