Land Transfer.

XXXV

'(3.) The outstanding duplicate of every mortgage wholly or partially discharged as aforesaid shall be surrendered to the Registrar to be cancelled or part-cancelled, as the case may be, unless the Registrar sees reasonable cause to dispense with such surrender. (4.) A mortgage subject to a submortgage shall not be discharged, nor shall the terms thereof be varied, nor shall the power of sale contained or implied therein be exercised, without the consent in writing of the submortgagee. (5.) The consent of the submortgagee to the variation of the terms of a mortgage shall render the instrument making the variation binding on him and on all persons who may subsequently derive from him any interest in the mortgage. Absent Mortgagees. 117. (1.) Where any mortgagee is absent from New Zealand, oris dead, and, so far as the mortgagor is aware, there is no person, in New Zealand authorized to give a discharge of the mortgage debt at or after the time appointed for the redemption of the mortgage, the Public Trustee, on tender to him of the mortgage-debt, and on proof to his satisfaction that the amount tendered is the whole amount due under the mortgage, may receive the same in trust for the mortgagee or other person entitled thereto. (2.) Upon presentation of the receipt of the Public Trustee for the amount of the said mortgage-money and interest, the Registrar shall make an entry in the Register discharging such mortgage, stating the day and hour on, which such entry is made. (3.) Such entry shall be a valid discharge for such mortgage, and shall have the same force and effect as is hereinbefore given to a like entry when made upon production of the mortgage with the receipt of the mortgagee. (4.) The Registrar shall also indorse on the grant, certificate of title, or other instrument as aforesaid, and also on the memorandum of mortgage, whenever those instruments tire brought to him for that purpose the several particulars hereinbefore directed to be indorsed upon each of such instruments respectively. (5.) The production of the Public Trustee's receipt for the mortgagemoneys shall be sufficient authority to the person in possession of the instruments of title to the mortgaged property to deliver the same to the mortgagor. (6.) A Judge of the Supreme Court may, in a summary way, order any person in possession of the instruments of title to the mortgaged property to deliver them to the mortgagor on production of the Public Trustee's receipt for the mortgage-moneys, and on payment of all proper charges (if any). Other Rights of Mortgagees. 118. Every mortgagee o' land under this Act shall, as against the mortgagor and those claiming through or under him, if default has been made in payment of the interest or annual or principal sum secured by any mortgage or any part thereof for the time, specified by this Act or otherwise provided in such instrument, have all the like remedies for obtaining possession of the mortgaged land as are by law

1913, No. 17, s. 12

Public Trustee may give discharge in certain cases. 1908, No. 99, s. 117 1913, No. 17, s. 13

Mortgagee to have remedies of a lessor for recovery of premises on default. 1908, No. 99. s. 11 8

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