Statute
Section 125 — Land Transfer Act 1952: Transmission to mortgagee on bankruptcy of lessee
Text of the provision Official document
125 Transmission to mortgagee on bankruptcy of lessee (1) Upon the bankruptcy of the registered proprietor of any lease subject to mortgage under this Act, the Registrar, upon the application in writing of the mortgagee, accompanied by a statement in writing signed by the Official Assignee of the bankrupt's estate, certifying his refusal to accept the lease, shall enter in the register the particulars of the refusal. (2) Every such entry shall operate as a transfer on sale, and the interest of the bankrupt in the lease shall thereupon vest in the mortgagee. Compare: 1915 No 35 ss 126, 127
Official source: legislation.govt.nz
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