Section 195 — Property Law Act 2007: Current mortgagor or other person may redeem on payment of nominated discharge sum

195 Current mortgagor or other person may redeem on payment of nominated discharge sum (1) The current mortgagor or any other person who is entitled to redeem the mortgaged land may, at any time before the land is sold, or is withdrawn from sale under section 193 , redeem the land, in whole or in part, by paying to the vendor mortgagee either— (a) the discharge sum nominated by the vendor mortgagee under section 189 for the land, or, if the land is to be sold in separate lots, the discharge sum so nominated for all or any lots; or (b) all amounts secured by the mortgage at the time of payment. (2) The vendor mortgagee must, on payment being made by the current mortgagor or other person under subsection (1), deliver to the current mortgagor, or otherwise provide,— (a) a discharge of the mortgage over the whole of the mortgaged land, or, in the case of payment under subsection (1)(a) of the discharge sum nominated by the vendor mortgagee for all or any lots, a discharge of the mortgage over the land comprised in that lot or those lots; and (b) all instruments of title held by the vendor mortgagee for the land discharged from the mortgage. (3) However, if the payment relates to the whole of the mortgaged land and the current mortgagor or other person who makes the payment under subsection (1) requests the mortgagee to transfer the mortgage to a nominated person (other than the current mortgagor but including that other person),— (a) subsection (2) does not apply; and (b) sections 102 and 103 apply as if the request had been made under section 102. (4) If the amount paid under subsection (1) is less than the amounts secured by the mortgage, the vendor mortgagee may recover the balance from any person bound by the covenant to repay that is expressed or implied in the mortgage. Compare: 1952 No 51 s 100