Section 101 — Land Transfer Act 1952: Forms of mortgage

101 Forms of mortgage (1) A mortgage instrument or an encumbrance instrument is required for the purposes of charging any land or estate or interest under this Act or making any such land or estate or interest security for payment of any money. (2) A mortgage instrument must contain the following information: (a) the land or estate or interest to be mortgaged, which must include a reference to the register in the prescribed manner; and (b) the person who is to take the mortgage; and (c) the nature of the debt secured by the mortgage; and (d) the covenants and conditions (if any); and (e) the stated priority limit under section 92 of the Property Law Act 2007 (if any). (3) A mortgage instrument must be executed by the registered proprietor. (4) An encumbrance instrument must contain the following information: (a) the land or estate or interest to be encumbered, which must include a reference to the register in the prescribed manner; and (b) the person for whose benefit the land or estate or interest is to be encumbered; and (c) the nature of the sum, annuity, or rentcharge secured; and (d) the events (if any) on which the sum, annuity, or rentcharge becomes or ceases to be payable; and (e) the covenants and conditions (if any). (5) An encumbrance instrument must be executed by the encumbrancer. (6) In this section, debt includes future indebtedness and interest. Sections 101 to 103 were substituted, as from 26 August 2002, by section 45 Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002 (2002 No 11). See clause 2 Land Transfer (Computer Registers And Electronic Lodgement) Amendment Act Commencement Order 2002 (SR 2002/216). Section 101(2)(e): substituted, on 1 January 2008, by section 364(1) of the Property Law Act 2007 (2007 No 91).