South Australian Consolidated Acts South Australian Consolidated Acts148A—Entry in Register Book where rights of mortgagee barred by Statute
(1) If the
Registrar-General is satisfied that the mortgagor of any land is in possession
thereof and that the rights of the mortgagee to bring an action for the money
secured by the mortgage are barred by the Limitation of Actions Act 1936
, the Registrar-General, with the concurrence of a legal practitioner, may
make an entry in the Register Book noting that the rights of the mortgagee are
barred by Statute, and shall make a similar entry on the
duplicate certificate.
(2) Upon the making of
an entry in the Register Book pursuant to this section the mortgage shall be
deemed to be discharged.
(3) If the
duplicate certificate of title is not produced to the Registrar-General at or
before the time when he makes an entry pursuant to this section, that
certificate shall be deemed to be lost within the meaning of section 79
of this Act.