Trustee Act Amendment Act 1886 No 10a (NSW)

No. V.

Trttsteb Act

A m en d m en t . An Act to facilitate the dischargee of Mort-

gages. [ 1 3 liugust, 1880.]

Preamble. T T TIIEREAS it is expedient to amend the “ Trustee Act 1852” so

far as regards the facilitating the extinguishment of Mortgages Be it therefore enacted hy the Queen’s Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of New South lYalcs in Parliament assembled and by the authority of the same as follows :—

V V

Pcpeai of section 52 1. Section fifty-two of the “ Trustee Act 1852” is hereby

of 16 Victoria Xo. 19. j.gpgaled hut witliout prejudice to the past operation of the said section.

For facilitating 2. IVhenever the person entitled to recover or receive payment

extinguishment of

mortgages. of money secured hy mortgage upon real or personal property or any interest therein (whether such person shall he the original mortgagee or some person claiming through him) shall personally or hy attorney

sign

1886. 50° VIC. No. 6.

Net-jisJiing in F ort Hacking Froliihition.

sign a receipt endorsed upon tlie mortgage for tlie mortgage del:)t or for any sum of money in satisfaction thereof or an acknowledgment so endorsed that sucli mortgage lias been satisfied the mortgaged property shall upon the registration of such receipt or acknoAvledg- ment in manner provided hy law for the registration of other instru­ ments affecting land hut as from the date of such receipt or acknowledg­ ment he thereby discharged from such mortgage and from all poAvers thereby granted and from all principal interest and other moneys thereby secured but shall he and remain subject to all uses trusts estates and interests declared created or occasioned hy deed or aauU or hy devolution or operation of law in respect of such property previously to the date of such receipt or acknoAvlcdgment.