Queensland Consolidated Acts

PROPERTY LAW ACT 1974 - SECT 79

79 Variation of mortgage

(1) A mortgage evidenced by an instrument of mortgage in respect of land may be varied by a memorandum of variation, which may—

(a) increase or reduce the rate of interest payable in respect of the debt or obligation secured by the mortgage; or

(b) increase or reduce the amount secured by the mortgage; or

(c) shorten, extend or renew the term or currency of the mortgage; or

(d) vary any condition, covenant or other provision of the instrument of mortgage; or

(e) provide for any 1 or more of the matters mentioned in paragraphs (a) to (b) .

(2) A memorandum of variation may be registered and, if registered, must be in the approved form, with such variations or additions as circumstances may require.

(3) The power of and procedure for variation provided by this section shall be in addition to any other such power existing at law.