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TRUSTEE ACT 1925 - SECT 20
Release of part of the security
20 Release of part of the security
(1) Where any property is held by a trustee by way of security and the trustee
has power under this Act or otherwise to invest on mortgage and to vary
investments, the trustee-- (a) may release part of the property from the
mortgage, whether any part of the mortgage debt is repaid or not, provided
that the unreleased part of the property would, at the time, be a proper
investment in all respects for the amount remaining unpaid,
(b) may, on a
sale by the mortgagor or part of the mortgaged property and on the receipt by
the trustee of the whole of the purchase money thereof after deduction of the
expenses of the sale, release such part from the mortgage.
(2) A subsequent
purchaser of the released part of the property, or the Registrar-General Crown
Solicitor or other person registering or certifying title, shall not be
concerned to inquire whether the release was authorised by this section.
(3)
This section applies to securities created either before or after the
commencement of this Act.
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