§ 78 — Discharge of mortgages and charges

78.—(1) The parties may agree to the discharge of —(a)

the whole of the mortgaged or charged land from a specified part of the principal sum or other money thereby secured;

(b)

a part of the mortgaged or charged land from the whole of the principal sum or other money thereby secured; or

(c)

the whole of the mortgaged or charged land from the whole of the principal sum or other money thereby secured, but without discharging the mortgagor or chargor from any personal obligation to pay that money.

(2) A discharge of mortgage or charge in an approved form must be registered by entering a memorial thereof on the relevant folio whereupon the land is freed from the mortgage or charge and from all rights and powers of the mortgagee or chargee, either absolutely or to any lesser extent as expressed in the discharge.

(3) Where a discharge was executed as a separate instrument in respect of a mortgage registered prior to 1 March 1994, the Registrar shall dispense with the production of the duplicate of the relevant mortgage.

—(1) The parties may agree to the discharge of —(a)

the whole of the mortgaged or charged land from a specified part of the principal sum or other money thereby secured;

(b)

a part of the mortgaged or charged land from the whole of the principal sum or other money thereby secured; or

(c)

the whole of the mortgaged or charged land from the whole of the principal sum or other money thereby secured, but without discharging the mortgagor or chargor from any personal obligation to pay that money.

(2) A discharge of mortgage or charge in an approved form must be registered by entering a memorial thereof on the relevant folio whereupon the land is freed from the mortgage or charge and from all rights and powers of the mortgagee or chargee, either absolutely or to any lesser extent as expressed in the discharge.

(3) Where a discharge was executed as a separate instrument in respect of a mortgage registered prior to 1 March 1994, the Registrar shall dispense with the production of the duplicate of the relevant mortgage.