Building Societies Act 1965

Investment and borrowing

56G: Memorandum of discharge of mortgage

You could also call this:

"How to officially clear a mortgage with a building society"

When you want to officially clear a mortgage with a building society, you need a document called a memorandum of discharge. This document is considered properly signed if it has the society's official seal on it and is also signed by the manager or secretary of the society. This rule works alongside other laws about property, but it gives a specific way for building societies to clear mortgages. Remember, this is just one way to do it, and there might be other ways too.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371776.


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Part 5AInvestment and borrowing

56GMemorandum of discharge of mortgage

  1. For the purposes of section 83 of the Property Law Act 2007, and without affecting section 9 of that Act, a memorandum of discharge of a mortgage to a society shall be deemed to be duly executed if it is under the society's seal and countersigned by the manager or secretary of the society.

Notes
  • Section 56G: inserted, on , by section 12 of the Building Societies Amendment Act 1987 (1987 No 175).
  • Section 56G: amended, on , by section 364(1) of the Property Law Act 2007 (2007 No 91).