Land And Conveyancing Law Reform Act 2009
Position of mortgagor and mortgagee.
90.— (1) Subject to this Part, where a mortgage is created after the commencement of this Chapter—
( a) the mortgagor has the same powers and rights and the same protection at law and in equity as the mortgagor would have been entitled to,
( b) the mortgagee has the same obligations, powers and rights as the mortgagee would have had,
if the mortgagee’s security had been created by a conveyance before that commencement of the legal estate or interest in the land of the mortgagor.
(2) Without prejudice to the generality of subsection (1)(b) and subject to subsection (3), a first mortgagee has the same right to possession of documents of title as such mortgagee would have had if the security had been created by a conveyance before the commencement of this Chapter.
(3) Notwithstanding any stipulation to the contrary, a mortgagee who retains possession or control of documents of title relating to the mortgaged land is, in addition to being subject to the mortgagor’s rights under section 91 , responsible for their safe custody as if an undertaking for this were given under section 84 .