Statute
Section 114 — Land Transfer Act 1952: Submortgages
Text of the provision Official document
114 Submortgages (1) 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. (2) 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. Compare: 1915 No 35 s 116(4), (5)
Official source: legislation.govt.nz
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