Section 109 — Land Transfer Act 1952: Mortgagee to have custody of instrument of title

109 Mortgagee to have custody of instrument of title (1) The mortgagee, or first mortgagee for the time being, of any estate or interest under this Act shall be entitled to the possession of the outstanding grant, certificate, or other instrument of title; or the same may by agreement be deposited with the Registrar for safe custody during the continuance of the security. (2) This section does not apply if the land to which the estate or interest applies is electronic transactions land. Compare: 1915 No 35 s 121 Subsection (2) was inserted, as from 1 June 2002, by section 65(1) Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002 (2002 No 11).