Section 120 — Land Transfer Act 1952: Surrender of lease

120 Surrender of lease (1) A lease surrender instrument is required for the purpose of surrendering any lease registered under this Act. (2) A lease surrender instrument must state the lease to be surrendered, which statement must include a reference to the register in the prescribed manner. (3) A lease surrender instrument must be executed by the lessor and the lessee. (4) Upon the registration of a lease surrender instrument,— (a) the Registrar must record the surrender in the register and on the certificate of title for the land (if any); and (b) the estate and interest of the lessee vests in the person entitled to the reversion. (5) A lease subject to mortgage or underlease must not be surrendered without the consent of the mortgagee or sublessee. Section 120 was substituted, as from 26 August 2002, by section 48 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).