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The Laws of Fiji
Last Updated: 1 December 2016

[TRU 20] Release of part of security20 

20
(1) Where any property is held by a trustee by way of security and the trustee has power to invest on mortgage and to vary investments, the trustee—
  • (a)may release part of the property from the mortgage, whether any part of the mortgage debt is repaid or not, provided that the unreleased part of the property would, at the time, be a proper investment in all respects for the amount remaining unpaid; and
  • (b)may, on a sale by the mortgagor of part of the mortgaged property and on receipt by the trustee of the whole of the purchase money thereof after deduction of the expenses of the sale, release that part from the mortgage.
(2) A subsequent purchaser of the released part of any property, or the Registrar of Titles or other person registering or certifying title, shall not be concerned to inquire whether the release was authorised under the provisions of this section.