Western Australian Current Acts

MINING ACT 1978 - SECT 119A

119A .         Mining tenement may be mortgaged

        (1)         A mining tenement or share in a mining tenement may be mortgaged as security for the repayment of money advanced or agreed to be advanced or for the discharge of any liability.

        (2)         If there are 2 or more mortgages affecting the same legal interest in a mining tenement, the mortgages take priority according to the time and date of their registration.

        (3)         A mortgage —

            (a)         has effect only as security for the repayment of the money intended to be secured by the mortgage and not as an assignment of the mining tenement; and

            (b)         may cover all buildings, improvements, machinery and appliances in or upon the land comprised in the mining tenement.

        (4)         The regulations may provide that a mortgage is deemed to contain prescribed provisions unless the mortgage contains express provision to the contrary.

        [Section 119A inserted: No. 54 of 1996 s. 17.]