—(1) Registered land may be mortgaged to secure payment of a debt by an instrument of mortgage in the approved form.
(2) Registered land may be charged to secure payment of a rentcharge, annuity or other periodical sum, or of any money other than a debt, by an instrument of charge in the approved form.
(3) A mortgage shall not operate as a transfer of the land mortgaged, but shall have effect as a security only.
(4) There may be included in an instrument of charge such covenants or provisions as the parties think fit for disposing of the moneys which may arise on the exercise by the chargee of his power of sale, either by setting aside the proceeds of sale or part thereof on investment to meet future periodical payments, or by payment to the chargee of such proceeds or part thereof being the estimated capital value of the chargee’s interest, or otherwise.
—(1) The provisions of Part IV of the Conveyancing and Law of Property Act (Cap. 61) shall apply, with the necessary modifications, to mortgages and charges registered under the provisions of this Act.
(2) In every mortgage of registered land (unless a contrary intention is expressed), there shall be deemed to be included the covenant and proviso implied by section 31 of the Conveyancing and Law of Property Act.
(3) For the purposes of this section, and without in any way limiting its generality, unless the context or subject-matter otherwise indicates or requires, where used in the Conveyancing and Law of Property Act —
“conveyance” includes an instrument of transfer of registered land;
“deed” includes any instrument registered under this Act;
“mortgage” includes a mortgage or a charge registered under this Act, and “mortgagor” and “mortgagee” have corresponding meanings;
“reconveyance” includes a discharge in the approved form.
(4) To the extent to which any provision of the Conveyancing and Law of Property Act (Cap. 61) is inconsistent with any provision of this Act, the provisions of this Act shall prevail.
70. Where the Authority, with the approval of the Minister, has under section 172 made rules to prescribe standard covenants and conditions which are to apply to mortgages, such prescribed covenants and conditions shall from the date of operation of the relevant rule be deemed incorporated in mortgages made on or after that date unless varied or negatived by express provision in the mortgage.
—(1) In this section, “submortgage” means the mortgage of a mortgage and the mortgage of a charge.
(2) Upon the registration of a submortgage, all acts, powers and rights which might previously have been done or exercised by the mortgagor or chargor thereunder in relation to the land may thereafter be done or exercised by the registered proprietor of the submortgage, and shall not be done or exercised by the mortgagor or chargor thereunder during the currency of the submortgage.
(3) A submortgage shall not affect the rights or liabilities of a proprietor of the land who has not been given notice thereof.
72. A first mortgagee shall, as between himself and the mortgagor, be entitled to custody of the instruments of title to the mortgaged land so long as any liability under the mortgage subsists, but upon a request by the mortgagor, and upon payment of his proper costs and expenses, the mortgagee shall produce such instruments at the Land Titles Registry to allow the registration of any subsequent mortgage which is not prohibited by the terms of the prior mortgage, or of any other authorised dealing by the mortgagor.
—(1) The Registrar shall register in the manner prescribed by section 37 any transfer in the approved form by a mortgagee or chargee made in exercise of a power of sale, without being concerned to inquire whether default has occurred, or whether notice has been given, or whether the power was otherwise properly or regularly exercised.
(2) Upon registration of such a transfer, the interest of the mortgagor or chargor as described therein shall pass to and vest in the transferee freed and discharged from all liability on account of —
that mortgage or charge;
any mortgage or charge registered subsequent thereto;
any lease registered subsequent to the mortgage or charge mentioned in paragraph (a) and which is not binding on the transferor; and
any interest which is registered or notified subsequent to the mortgage or charge mentioned in paragraph (a) (including any interest claimed under a caveat) and which is not binding on the transferor.
—(1) The money received by a mortgagee who has exercised his power of sale, after discharge of prior encumbrances to which the sale is not made subject (if any), or after payment into court under the Conveyancing and Law of Property Act (Cap. 61) of a sum to meet any prior encumbrances, shall be held by him on trust to be applied —
firstly, in payment of all costs and expenses properly incurred as incidental to the sale or any attempted sale, or otherwise;
secondly, in discharge of the mortgage money, interest and costs, other money and liability (if any) secured by the mortgage; and
thirdly, in payment of subsequent mortgages and charges (if any) in the order of their priority,
and the residue of the money so received shall be paid to the person who appears from the land-register to be entitled to the mortgaged property or to be authorised to give receipts for the proceeds of the sale thereof.
(2) The money received by a chargee who has exercised his power of sale, after discharge of prior encumbrances to which the sale is not made subject (if any), shall be held by him on trust to be applied —
firstly, in payment of all costs and expenses properly incurred by him as incident to the sale or any attempted sale, or otherwise;
secondly, in accordance with any express provision in the instrument of charge (as authorised by section 68(4)) for disposing of such money and, in the absence of any express provision, in discharge of the money due to the chargee at the date of the sale; and
thirdly, in payment of subsequent mortgages and charges (if any) in the order of their priority,
and the residue of the money so received shall be paid to the person who appears from the land-register to be entitled to the charged property or to be authorised to give receipts for the proceeds of the sale thereof.
(3) Where by this section a mortgagee or chargee is required to account to a subsequent chargee for money arising on a sale, such money shall be paid or applied in accordance with the express provision (if any) in the instrument of charge for disposing of such money, and, in the absence of express provision, in discharge of the money due to the chargee at the date of the sale.
—(1) If default is made in payment of the interest, principal or other money, secured by a mortgage or charge, or in payment of any part thereof, the mortgagee or chargee shall, as against the mortgagor or chargor and those claiming through or under him, be entitled to enter into possession of the mortgaged or charged land and to receive the rents and profits thereof.
(2) The power of entry into possession conferred by this section shall not be exercised until one month’s notice has been given to the mortgagor or chargor.
(3) Subject to this section, a mortgagee or chargee shall have the like remedies for obtaining possession of the mortgaged or charged land as are by law given to a landlord against a lessee or tenant whose term is expired or whose rent is in arrear.
(4) Where a mortgagee or chargee has given notice of his intention to enter into receipt of the rents and profits of the mortgaged or charged land to the tenant or other person liable to pay or account for them, the receipt in writing of the mortgagee or chargee shall be sufficient discharge for any rents and profits therein expressed to be received, and any person paying them shall not be bound or concerned to inquire as to any default or other circumstance affecting the right of the person to give such notice beyond the fact of his being duly registered as mortgagee or chargee of the land.
—(1) In the interpretation of any law relating to foreclosure of mortgage, unless repugnant to the context —
a mortgagor of registered land who is in default shall be deemed to have an equity of redemption; and
a mortgagee of registered land shall have the same right to apply to the court for an order for foreclosure as if the land were not under the provisions of this Act and the mortgagee held a legal estate therein.
(2) Where the court has made an order for foreclosure upon an application made by a mortgagee of registered land, the mortgagee in whose favour the foreclosure order is made shall lodge an application in the approved form together with an office copy of the court order with the Registrar for the purpose of registering the court order under this Part.
(3) The Registrar upon being satisfied that the court order is in order for registration shall register the order by entering a memorial of the court order in the relevant folio.
(4) The court order when so entered in the land-register shall have the effect of vesting in the applicant mortgagee all the estate and interest of the mortgagor in the land referred to in the court order freed from all right and equity of redemption on the part of the mortgagor, and freed and discharged from all liability on account of any mortgage, charge or other interest, registered subsequently thereto except such leases or other interests as may be binding on the applicant mortgagee.
—(1) Upon fulfilling his obligations under a registered mortgage or charge, a mortgagor or chargor shall be entitled, subject to section 22 of the Conveyancing and Law of Property Act (Cap. 61), to obtain from the proprietor of the mortgage or charge a registrable discharge.
(2) A mortgagor or chargor shall not be bound to account to any person who has acquired an interest in the mortgage or charge unless the transfer or other instrument whereby that person became entitled has been registered and the mortgagor or chargor has been notified in writing of its registration.
(3) For the purpose of enforcing the right to obtain a discharge conferred by this section, the mortgagor shall be deemed to have an equity of redemption.
—(1) The parties may agree to the discharge of —
the whole of the mortgaged or charged land from a specified part of the principal sum or other money thereby secured;
a part of the mortgaged or charged land from the whole of the principal sum or other money thereby secured; or
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 shall be registered by entering a memorial thereof on the relevant folio whereupon the land shall be 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 1st March 1994, the Registrar shall dispense with the production of the duplicate of the relevant mortgage.
—(1) Upon —
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
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 shall, 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 shall thereupon be 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 he has omitted to account.
(2) The Registrar may, in his 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 shall not enter a memorial of satisfaction of a charge under this section where the money unaccounted for exceeds the sum of $500.
—(1) Notwithstanding any other provision of this Act, a prior mortgagee of registered land shall have the right to make further advances or give further credit or accommodation to rank in priority to subsequent mortgages —
if the prior mortgage expressly authorises the making of further advances, or the giving of credit in instalments or on a current, revolving or continuing account or other accommodation; or
where the prior mortgage does not expressly authorise the making of such further advances, or the giving of credit in instalments or on a current, revolving or continuing account or other accommodation, if the subsequent mortgagee agrees to such further advances being made or credit or other accommodation being given.
(2) Except as provided in this section, the right to tack shall not apply to mortgages of registered land.
(3) In this section —
“prior mortgage” includes a prior charge or a prior assignment which has been either secured by a mortgage or protected by a caveat registered or notified on the land-register, as the case may be;
“prior mortgagee” includes a prior chargee or a prior assignee in whose favour an estate or interest in respect of registered land was mortgaged, charged or assigned by way of mortgage, being a mortgage or charge which is registered or notified on the land-register or claimed under a caveat;
“subsequent mortgage” includes a subsequent charge or a subsequent assignment which has been either secured by a mortgage or protected by a caveat registered or notified on the land-register, as the case may be; and
“subsequent mortgagee” includes a subsequent chargee or a subsequent assignee in whose favour an estate or interest in respect of registered land was mortgaged, charged or assigned by way of mortgage, being a mortgage or charge which is registered or notified on the land-register or claimed under a caveat.