§ 79 — Satisfaction of charges

79.—(1) Upon —(a)

proof of the death of the annuitant, or of the occurrence of any other event or circumstance upon which the annuity or other money secured by a charge ceases to be payable; and

(b)

lodgment of an application in the approved form with the Registrar for the entry in the relevant folio of a notification of satisfaction of the charge,

the Registrar must, upon being satisfied that there are no substantial arrears of the annuity or other money, enter in the land‑register a notification of satisfaction, and the land is thereupon freed from the charge and from all rights and powers of the chargee, but without discharging the chargor from personal liability for any money for the payment of which the chargor has omitted to account.

(2) The Registrar may, in his or her discretion, accept a statutory declaration of the chargor, or other person having knowledge of the facts, in proof of the state of accounts between chargor and chargee.

(3) The Registrar must not enter a notification of satisfaction of a charge under this section where the money unaccounted for exceeds the sum of $500.[8/2014]

—(1) Upon —(a)

proof of the death of the annuitant, or of the occurrence of any other event or circumstance upon which the annuity or other money secured by a charge ceases to be payable; and

(b)

lodgment of an application in the approved form with the Registrar for the entry in the relevant folio of a notification of satisfaction of the charge,

the Registrar must, upon being satisfied that there are no substantial arrears of the annuity or other money, enter in the land‑register a notification of satisfaction, and the land is thereupon freed from the charge and from all rights and powers of the chargee, but without discharging the chargor from personal liability for any money for the payment of which the chargor has omitted to account.

(2) The Registrar may, in his or her discretion, accept a statutory declaration of the chargor, or other person having knowledge of the facts, in proof of the state of accounts between chargor and chargee.

(3) The Registrar must not enter a notification of satisfaction of a charge under this section where the money unaccounted for exceeds the sum of $500.[8/2014]