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In This Volume

  • 29 A registered owner in fee simple whose title is subject to a registered right or option to purchase, or a registered owner of a right to purchase, who has created or given a subright to purchase that is registered, unless otherwise expressly agreed in the instruments creating the right, option or subright, may mortgage his or her interest in the land, subject to the prior registered interests.

1979-340-25.

CROSS REFERENCES AND OTHER SOURCES OF INFORMATION

Application to Cancel Mortgage Created by Vendor

Section 242 of the Land Title Act deals with the procedure for cancelling a mortgage when the holder of a right to purchase, subright to purchase, or option takes title by transfer. The section gives the registrar the power to give notice of their intention to register the transfer free of the mortgage and gives a mortgagee the right to object to the registration upon receipt of the notice. The section further provides for the resolution of an objection at a hearing before the registrar with a right of appeal to the Supreme Court.