Section 43: Discharge of mortgage
consolidated text (as at 2011, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
43. Discharge of mortgage
(1) Subject to subsection (2), where a registered mortgage is discharged,
the Registrar shall, on production of the deed, with a receipt for any sum due
endorsed on it, make an entry in the Register to the effect that the mortgage
has been discharged.
(2) Where, for good reason, the deed cannot be produced to the Registrar, he may, on being satisfied that the mortgage has been properly discharged, record in the Register that the mortgage has been discharged.
(3) The termination of the registration of a ship shall not affect any entry
in the Register relating to an undischarged mortgage of that ship or any
share in it except where the Registrar is satisfied that a person appearing on
the Register to be interested as a mortgagee has consented to the entry
ceasing to have effect.