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| 56 Transfer of hypothecated immovable property |
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56 Transfer of hypothecated immovable property (1) No transfer of mortgaged land shall be attested or executed by the registrar, and no cession of a mortgaged lease of immovable property, or of any mortgaged real right in land, shall be registered until the bond has been cancelled or the land, lease, or right has been released from the operation of the bond with the consent in writing of the holder thereof or unless, in the case of any such mortgage bond which has been lost or destroyed, the registrar has on application by the registered holder thereof, cancelled the registry duplicate of such bond: Provided that no such cancellation or release shall be necessary if the transfer or cession is made- (a) in execution of the judgment of any court (including a magistrate's court) by the competent officer; [Para. (a) substituted by s. 23 of Act 87 of 1965 and by s. 16 of Act 14 of 1993.] (b) by the trustee of an insolvent estate, an executor administering and distributing an estate under section 34 of the Administration of Estates Act, 1965 (Act 66 of 1965), the liquidator of a company or a close corporation which is unable to pay its debts and which is being wound up by or under the supervision of the court or a liquidator or trustee elected or appointed under the Agricultural Credit Act, 1966 (Act 28 of 1966); or [Para. (b) substituted by s. 8 of Act 3 of 1972 and by s. 16 of Act 14 of 1993.] (c) in any other circumstances in this Act or in any other law specially provided or as ordered by the court. [Sub-s. (1) amended by s. 26 of Act 43 of 1957 and by s. 15 of Act 27 of 1982.] (2) A consent to the release from the operation of a bond of all the property mortgaged thereunder shall, except where the debt secured by such bond is further secured by a collateral bond, be deemed to be a consent to the cancellation of that bond. |
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