You pay off a mortgage, either fully or partly. The lender must then complete a form to show this. When this form is registered, it frees the management rights or spectrum licence from the mortgage. This happens to the extent shown in the discharge form.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM197146.

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Housing and property > Buying and selling homesHousing and property > Home safety and repairsMoney and consumer rights > Banking and loans

85: Transfer by mortgagee, or

"When a lender sells something, you get to own it without their debt."

87: Person claiming under operation of law may apply to have interest registered, or

"Apply to claim your share of radio frequencies if you think the law says you own them"

Part 9Mortgages

86Discharge of mortgage

Where the sum secured by a mortgage has been paid off either wholly or in part, or where for any other reason the mortgagee has become bound to discharge the mortgage either wholly or partially, the mortgagee shall complete a memorandum in the prescribed form.
A discharge of mortgage, when registered under this Act, shall effectually discharge the management rights or spectrum licence from the mortgage to the extent specified in the memorandum of discharge.

Notes

Section 86(1): amended, on 12 October 2001, by section 27(1) of the Radiocommunications Amendment Act 2000 (2000 No 8).
Section 86(2): amended, on 12 October 2001, by section 27(2) of the Radiocommunications Amendment Act 2000 (2000 No 8).