Registration of Title Act 1964

Creation and effect of charge on registered land.

62

62. (1) A registered owner of land may, subject to the provisions of this Act, charge the land with the payment of money either with or without interest, and either by way of annuity or otherwise, and the owner of the charge shall be registered as such.

(2) There shall be executed on the creation of a charge, otherwise than by will, an instrument of charge in the prescribed form F81 [ ] but, until the owner of the charge is registered as such, the instrument shall not confer on the owner of the charge any interest in the land.

(3) F82 [ ]

(4) Any power, howsoever conferred, to borrow or lend money on the security of a mortgage shall be construed as including power to do so on the security of a registered charge.

(5) F83 [ ]

(6) On registration of the owner of a charge on land for the repayment of any principal sum of money with or without interest, the instrument of charge shall operate as a F84 [ legal mortgage under Part 10 of the Land and Conveyancing Law Reform Act 2009 ], and the registered owner of the charge shall, for the purpose of enforcing his charge, have all the rights and powers of a mortgagee F84 [ under such a mortgage ], including the power to sell the estate or interest which is subject to the charge.

(7) F82 [ ]

(8) F82 [ ]

(9) If the registered owner of a charge on land sells the land in pursuance of the powers referred to in subsection (6), his transferee shall be registered as owner of the land, and thereupon the registration shall have the same effect as registration on a transfer for valuable consideration by a registered owner.

(10) When a transferee from the registered owner of the charge is registered, under subsection (9), as owner of the land, the charge and all estates, interests, burdens and entries puisne to the charge shall be discharged.

(11) When it is expressed in the instrument of charge that any person covenants for repayment of the principal sum charged, there shall be implied a covenant by that person with the registered owner for the time being of the charge to pay the sum charged and interest (if any) thereon at the time and rate specified in the instrument of charge, and also a covenant, if the sum or any part thereof is unpaid at the time so specified, to pay interest half-yearly at the specified rate on so much of the principal sum as for the time being remains unpaid.

Annotations:

Amendments:

F81

Deleted (1.12.2009) by Land and Conveyancing Law Reform Act 2009 (27/2009), s. 8(1) and sch. 1, S.I. No. 356 of 2009; subject to certain restrictions imposed (24.07.2013) by Land and Conveyancing Law Reform Act 2013 (30/2013), s. 1, commenced on enactment, subject to restrictions and transitional provisions in ss. 1(4), (5) and 4, see C-note below.

F82

Repealed (1.12.2009) by Land and Conveyancing Law Reform Act 2009 (27/2009), s. 8(3) and sch. 2 part 5, S.I. No. 356 of 2009; subject to certain restrictions imposed (24.07.2013) by Land and Conveyancing Law Reform Act 2013 (30/2013), s. 1, commenced on enactment, subject to resrictions and transitional provisions in ss. 1(4), (5) and 4, see C-note below.

F83

Repealed (1.01.2007) by Registration of Deeds and Title Act 2006 (12/2006), s. 73(1)(a), S.I. No. 511 of 2006.

F84

Substituted (1.12.2009) by Land and Conveyancing Law Reform Act 2009 (27/2009), s. 8(1) and sch. 1, S.I. No. 356 of 2009; subject to certain restrictions imposed (24.07.2013) by Land and Conveyancing Law Reform Act 2013 (30/2013), s. 1, commenced on enactment, subject to restrictions and transitional provisions in ss. 1(4), (5) and 4, see C-note below.

Modifications (not altering text):

C24

Application of certain amendments and repeals restricted (24.07.2013) by Land and Conveyancing Law Reform Act 2013 (30/2013), s. 1(2) and (3) commenced on enactment, subject to transitional provisions in s. 4(1)-(3).

Application of certain statutory provisions

1.(1) This section applies to a mortgage created prior to 1 December 2009.

(2) As respects a mortgage to which this section applies, the statutory provisions apply and may be invoked or exercised by any person as if those provisions had not been repealed by section 8(3) and Schedule 2 of the Act of 2009.

(3) As respects a mortgage to which this section applies the amended provisions apply and may be invoked or exercised by any person as if those provisions had not been amended by section 8(1) and Schedule 1 of the Act of 2009.

(4) Subsections (1) to (3) are without prejudice to any right or entitlement which a person may otherwise have to rely on the statutory provisions or the amended provisions.

(5) This section does not apply to proceedings initiated before the coming into operation of this section.

(6) In this section—

“Act of 1964” means the Registration of Title Act 1964;

“Act of 2009” means the Land and Conveyancing Law Reform Act 2009;

“amended provisions” means section 62(2) and (6) of the Act of 1964;

“mortgage” has the same meaning as it has in the Conveyancing Act 1881;

“statutory provisions” means sections 2 and 18 to 24 of the Conveyancing Act 1881, sections 3, 4 and 5 of the Conveyancing Act 1911 and section 62(3), (7) and (8) of the Act of 1964.

The relevant text of this section as restored is set out below:

62.— ...

(2) There shall be executed on the creation of a charge, otherwise than by will, an instrument of charge in the prescribed form (or an instrument in such other form as may appear to the Registrar to be sufficient to charge the land, provided that such instrument shall expressly charge or reserve out of the land the payment of the money secured) but, until the owner of the charge is registered as such, the instrument shall not confer on the owner of the charge any interest in the land.

(3) A mortgage by way of conveyance with a proviso for redemption or by way of demise or sub-demise shall not of itself operate to charge registered land or be registrable as a charge on registered land.

(4) Any power, howsoever conferred, to borrow or lend money on the security of a mortgage shall be construed as including power to do so on the security of a registered charge.

(5) F83 [ ]

(6) On registration of the owner of a charge on land for the repayment of any principal sum of money with or without interest, the instrument of charge shall operate as a mortgage by deed within the meaning of the Conveyancing Acts, and the registered owner of the charge shall, for the purpose of enforcing his charge, have all the rights and powers of a mortgagee under a mortgage by deed, including the power to sell the estate or interest which is subject to the charge.

(7) When repayment of the principal money secured by the instrument of charge has become due, the registered owner of the charge or his personal representative may apply to the court in a summary manner for possession of the land or any part of the land, and on the application the court may, if it so thinks proper, order possession of the land or the said part thereof to be delivered to the applicant, and the applicant, upon obtaining possession of the land or the said part thereof, shall be deemed to be a mortgagee in possession.

(8) On registration of the owner of a charge by way of annuity, the owner of the charge shall have such remedies for recovering and compelling payment of the annuity as are described in section 44 of the Conveyancing Act, 1881, as affected by section 6 of the Conveyancing Act, 1911.

...

C25

Application of section restricted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 50(1)(b), S.I. No. 548 of 2011.

Effect of transfer order in relation to securities.

50.— (1) On and after the transfer of assets and liabilities under a transfer order, in relation to property referred to in paragraph (d) or (e) of subsection (4) of section 49 or a security referred to in paragraph (f) of that subsection, transferred by the order—

(a) notwithstanding any provision of an Act referred to in subsection (2) or any other Act that provides for the registration of assets or security, or any details of assets or security, a transferee is not required to become registered as owner of the security

(b) notwithstanding sections 62 and 64 of the Registration of Title Act 1964, a transferee has, in relation to any charge that is or is part of such a security, the powers of a mortgagee under a mortgage by deed, even though the transferee is not registered as owner of the charge,

(c) the transferee has the powers and rights conferred on the registered owner of a charge by the Registration of Title Act 1964, and

(d) if the transfer order effects an extension of or in relation to the security so as to include future advances by or future liabilities to the transferee, the extension need not be registered under any Act referred to in subsection (2) under which it would otherwise be required to be registered, but operates for the purposes of those Acts as if made by deed duly registered under that Act on the time of the transfer.

(2) The Acts referred to in paragraphs (a) and (d) of subsection (1) are the following: ...

(d) the Registration of Deeds and Title Acts 1964 and 2006;

...

C26

Application of section restricted (21.12.2010) by Credit Institutions (Stabilisation) Act 2010 (36/2010), s. 40(1)(b), S.I. No. 623 of 2010.

Effect of transfer order in relation to securities.

40.— (1) On and after the transfer of assets and liabilities under a transfer order, in relation to property referred to in paragraph (d) or (e) of section 39 (4) or a security referred to in paragraph (f) of that section, transferred by the order— ...

(b) notwithstanding sections 62 and 64 of the Registration of Title Act 1964, a transferee has, in relation to any charge that is or is part of such a security, the powers of a mortgagee under a mortgage by deed, even though it is not registered as owner of the charge,

...

C27

Application of section restricted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 107(1)(b), S.I. No. 545 of 2009.

NAMA not required to register certain instruments, etc.

107.— (1) Where a bank asset has been acquired by NAMA or a NAMA group entity—

...

(b) notwithstanding sections 62 and 64 of the Registration of Title Act 1964, NAMA or the NAMA group entity has, in relation to any such charge, the powers of a mortgagee under a mortgage by deed, even though NAMA or the NAMA group entity is not registered as owner of any such charge,

(c) NAMA or the NAMA group entity has the powers and rights conferred on the registered owner of a charge by the Registration of Title Act 1964.

...