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LAND TITLE ACT 1994 - SECT 11B
Mortgage transferee to confirm identity of mortgagor
(1) This section applies to the transfer of the interest constituted by the
mortgage of a lot or an interest in a lot.
(2) Before the instrument of
transfer is lodged for registration, the transferee under the instrument of
transfer (the
"mortgage transferee" ) must take reasonable steps to ensure the person who
was the mortgagor under the instrument of mortgage was identical with the
person who, when the instrument of mortgage was registered, was the registered
proprietor of the lot, or the interest in a lot.
(2A) For subsection (2) , a
person was the mortgagor under an instrument of mortgage if the person
executed the instrument as mortgagor, including, if the instrument is an
electronic conveyancing document, through a subscriber digitally signing the
instrument under the Electronic Conveyancing National Law (Queensland) .
(2B)
Also, for subsection (2) , a person was the mortgagor under an instrument of
mortgage if the instrument is an electronic conveyancing document and the
person signed, as mortgagor, a document that under the participation rules
under the Electronic Conveyancing National Law (Queensland) — (a) was
required as a supporting document for the instrument of mortgage; and
(b) was
required to be kept by the original mortgagee mentioned in section 11A (2) .
(3) Without limiting subsection (2) , the mortgage transferee takes reasonable
steps under the subsection if the mortgage transferee complies with practices
included in the manual of land title practice under section 9A for the
verification of identification of mortgagors.
(4) The mortgage transferee
must, for 7 years after the instrument of transfer of the mortgage is
registered, and whether or not there is registered a further transfer of the
interest constituted by the mortgage— (a) keep, in the approved form, a
written record of the steps taken under subsection (2) ; or
(b) keep
originals or copies of the documents and other evidence provided to or
otherwise obtained by the mortgage transferee in complying with subsection (2)
.
Penalty— Maximum penalty—20 penalty units.
(5) The registrar
may, whether before or after the registration of the instrument of transfer of
the mortgage, and whether or not there has been registered a further transfer
of the interest constituted by the mortgage, ask the mortgage transferee—
(a) to advise the registrar about the steps taken by the mortgage transferee
under subsection (2) ; and
(b) to produce for the registrar’s inspection
the written record mentioned in subsection (4) (a) or the originals or copies
mentioned in subsection (4) (b) .
(6) The mortgage transferee must comply
with a request under subsection (5) unless the mortgage transferee has a
reasonable excuse. Penalty— Maximum penalty—20 penalty units.
(7)
This section applies to an instrument of transfer of a mortgage only if the
instrument of transfer is executed after the commencement of this section.
(8) However, this section applies in relation to an instrument of mortgage
whenever executed.
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