Section 102 — Land Transfer Act 1952: Variation of mortgage terms

102 Variation of mortgage terms (1) A mortgage variation instrument is required for the purpose of varying, in respect of any mortgage registered under this Act,— (a) the amount secured by the mortgage; or (b) the rate of interest; or (c) the term or currency of the mortgage; or (d) the covenants, conditions, and powers contained or implied in the mortgage. (2) A mortgage variation instrument must contain the following information: (a) the mortgage, which must include a reference to the register in the prescribed manner; and (b) the nature of the variation. (3) A mortgage variation instrument must be executed by— (a) the mortgagor, except where the variation only operates to reduce the amount secured or rate of interest; and (b) the mortgagee, except where the variation only operates to increase the amount secured or rate of interest. (4) If the land is subject to another mortgage, the consent of the mortgagee under that mortgage must be obtained. Subsection (3) was substituted, as from 1 February 1999, by section 43(1) Land Transfer (Automation) Amendment Act 1998 (1998 No 123). 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). Subsection (1)(e) was amended, as from 17 May 2005, by section 9 Land Transfer Amendment Act 2005 (2005 No 58) by renumbering paragraph (e) as paragraph (d)..