Section 112 — Land Transfer Act 1952: Discharge of mortgage where remedies thereunder are statute barred

112 Discharge of mortgage where remedies thereunder are statute barred (1) Notwithstanding anything to the contrary in section 64 of this Act, on application made to the High Court by the registered proprietor of any estate or interest in land that is subject to a registered mortgage, the Court, if it is satisfied that any action by the mortgagee for payment of the moneys secured by the mortgage would be barred by the provisions of the Limitation Act 1950 or any other statute of limitation, and that but for the provisions of the said section 64 the remedies of the mortgagee in respect of the mortgaged land would be likewise barred, may, in its discretion, make an order directing the mortgage to be discharged, and upon the production of an office copy of the order the Registrar shall enter a memorandum thereof in the register and on the outstanding instrument of title, and when the entry is made the mortgage shall be deemed to be discharged. (2) Before making any order under this section the Court may direct such notice to be given by public advertisement or otherwise as it thinks fit, and may direct any person to be served with notice of the proceedings. (3) By the same or another order the Court may order any person in possession of an instrument of title to the mortgaged property to deliver the title to the registered proprietor on payment of such charges as the Court may, in its discretion, fix in the order. Compare: 1936 No 58 s 43 The words “ High Court ” in subsection (1) were substituted, as from 1 April 1980, for the words “ Supreme Court ” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).