Section 84 — Property Law Act 2007: Assignment of mortgage

84 Assignment of mortgage (1) The interest of a mortgagee under a mortgage over property may be assigned by an instrument that— (a) is endorsed on, or attached to, the mortgage instrument, or the existence of which is recorded on or with the mortgage instrument; and (b) is executed by the mortgagee in the same manner as a deed is required to be executed; and (c) states that the mortgagee assigns to the assignee all the amounts and all the benefits of any other obligations secured by the mortgage, and all rights, powers, and remedies of the mortgagee under the mortgage, and the whole of the mortgagee’s interest in the mortgaged property, or words to that effect. (2) The interest of a mortgagee under a mortgage over land under the Land Transfer Act 1952 may also be assigned by a transfer instrument that is registered under that Act. (3) An instrument that is duly executed under subsection (1) or registered under subsection (2) operates as if it were a deed and transfers to the assignee— (a) the debt; and (b) the benefits of any other obligations secured by the mortgage; and (c) the interest of the mortgagee in the mortgaged property; and (d) all rights, powers, and remedies of the mortgagee under the mortgage. Compare: 1952 No 51 s 79(1)(b), (2), (5)