Part 3Dealings in estates and interests in land
Mortgages
99Mortgage takes effect only as security
A mortgage under this Act takes effect only as security and not as a transfer of the estate or interest charged.
Land Transfer Act 2017
Dealings in estates and interests in land - Mortgages
99: Mortgage takes effect only as security
"A mortgage is only used as security, not to transfer ownership."
When you get a mortgage under the Land Transfer Act 2017, it only works as security. It does not transfer the estate or interest that is being charged. You can compare this to section 100 for more information.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6731242.
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