Section 112 — Property Law Act 2007: Redemption by payment to Public Trust

112 Redemption by payment to Public Trust (1) Public Trust must, in a circumstance referred to in section 109(1) and on the application of the current mortgagor or any other person entitled to redeem the mortgaged property, act in accordance with subsection (2) if Public Trust is satisfied that— (a) the applicant has paid to Public Trust all amounts secured by the mortgage that would have been payable if the discharge of the mortgage had been sought under sections 97 to 101 ; or (b) all amounts secured by the mortgage have been paid in full. (2) For the purposes of subsection (1), Public Trust must— (a) execute a mortgage discharge instrument for the mortgage in accordance with section 83(1) ; or (b) in the case of mortgaged land, register a mortgage discharge instrument for the mortgage. (3) A mortgage discharge instrument duly executed or registered by Public Trust under this section— (a) has effect as if it were a discharge duly executed or registered by the mortgagee; and (b) is conclusive proof that all conditions entitling Public Trust to act under this section have been satisfied. Compare: 1952 No 51 s 87(5), (6)