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COLONIAL REPORTS-MISCELLANEOUS"other is handed to the mortgagee, or lessee. The certificate of title will thus show that the original proprietor is entitled to the land it describes, subject to the mortgage, lease, or encumbrance; while the duplicate instrument held by the mortgagee, lessee, or encumbrancee, will show precisely the nature of his interest. Each person has and can have but one document of title, and this shows conclusively the nature of the interest he holds, and to that interest his title is indefeasible. If a mortgage is paid off, a simple receipt is endorsed on the duplicate mortgage held by the mortgagee. This is brought to the office, and the fact that the mortgage has been paid off is noted on the certificate of title. Here a striking inconvenience of the old system is done away with. Few things are more perplexing to simple minds than the necessity which that system imposes of a deed of reconveyance when a mortgage has been paid off. A mortgage under the Act does not involve a transfer of the 'legal estate,' although the mortgagee is made as secure as if such transfer had taken place. The necessity, therefore, for a deed of reconveyance, when the mortgage is paid off, at once vanishes. If a lease is to be surrendered, it has merely to be brought to the office with the word 'surrendered' endorsed upon it, signed by the lessor and lessee, and attested, and the proper officer will note the fact that it has been surrendered, on the certificate of title. Mortgages or leases are transferred by indorsement, by a simple form. The Act provides implied powers of sale and foreclosure in mortgages; and in leases, implied covenants to pay rent and taxes, and to keep in repair, together with power for the lessor to enter and view the state of repair, and to re-enter in case of non-payment of rent or breach of covenant. All these may be omitted or modified if desired. In order to save verbiage, short forms are provided, which may be used for covenants in leases or mortgages, the longer forms which they imply being set out in the Act. Thus, in a lease, the words 'will not without leave assign or sublet,' imply a covenant 'that the said lessee shall not, nor will, during the term of such lease, assign, transfer, demise, sublet or set over, or otherwise, by any act or deed, procure the lands or premises therein mentioned or any part thereof, to be assigned, transferred, demised, sublet, or set over, to any person whomsoever, without the consent in writing of the said lessor first had and obtained.'
"29. Every person, therefore, entitled to a freehold estate in possession, has (if his land is subject to the Act) a certificate of title, or land-grant, on which are recorded memorials of all mortgages, leases or encumbrances, and of their discharge or surrender. If he transfers his entire interest, a memorial of the transfer is recorded on the certificate, and the transferee takes it subject to recorded interests. The transferee can, if he chooses, have a fresh certificate issued in his own name, and in that case the old certificate is cancelled, and the memorials of the leases or mortgages to which the land is subject are carried forward to the new one. If a proprietor transfers only a part of his land, his certificate is cancelled so far, a fresh certificate is issued, and memorials of outstanding interests are similarly carried forward. Memorials of dealings with leases or mortgages are noted on the duplicate lease or mortgage held by the lessee or mortgagee, and on the folium of the register book. The Officers of the Department, therefore, and persons searching, can see at a glance the whole of the recorded dealings with every property;
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Hong Kong Annual Administration Reports, 1841-1941
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COLONIAL REPORTS- -MISCELLANEOUS.
"other is handed to the mortgagee, or lessee. The certificate "of title will thus show that the original proprietor is entitled "to the land it describes, subject to the mortgage, lease, or " encumbrance; while the duplicate instrument held by the mortgagee, lessee, or encumbrancee, will shew precisely the nature of his interest. Each person has and can have but one document of title, and this shows conclusively the nature "of the interest he holds, and to that interest his title is in- "defeasible. If a mortgage is paid off, a simple receipt is in- "dorsed on the duplicate mortgage held by the mortgagee. "This is brought to the office, and the fact that the mortgage "has been paid off is noted on the certificate of title. Here "a striking inconvenience of the old system is done away with. "Few things are more perplexing to simple minds than the necessity which that system imposes of a deed of recon- "veyance when a mortgage has been paid off. A mortgage "under the Act does not involve a transfer of the 'legal estate,' although the mortgagee is made as secure as if such "transfer had taken place. The necessity, therefore, for a "deed of reconveyance, when the mortgage is paid off, at once "vanishes. If a lease is to be surrendered, it has merely to "be brought to the office with the word 'surrendered' in- "dorsed upon it, signed by the lessor and lessee, and attested, "and the proper officer will note the fact that it has been "surrendered, on the certificate of title. Mortgages or leases are transferred by indorsement, by a simple form. The Act provides implied powers of sale and foreclosure in mortgages; "and in leases, implied covenants to pay rent and taxes, and "to keep in repair, together with power for the lessor to enter "and view the state of repair, and to re-enter in case of non- ** payment of rent or breach of covenant. All these may be "omitted or modified if desired. In order to save verbiage, "short forms are provided, which may be used for covenants in "leases or mortgages, the longer forms which they imply being "set out in the Act. Thus, in a lease, the words will not "without leave assign or sublet,' imply a covenant 'that the "said lessee shall not, nor will, during the term of such lease, assign, transfer, demise, sublet or set over, or otherwise, by any act or deed, procure the lands or premises therein men- "tioned or any part thereof, to be assigned, transferred, de- "mised, sublet, or set over, to any person whomsoever, with- "out the consent in writing of the said lessor first had and "obtained."
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"29. Every person, therefore, entitled to a freehold estate in "possession, has (if his land is subject to the Act) a certificate "of title, or land-grant, on which are recorded memorials of all. mortgages, leases or encumbrances, and of their discharge or "surrender. If he transfers his entire interest, a memorial "of the transfer is recorded on the certificate, and the transferee "takes it subject to recorded interests. The transferee can, if he chooses, have a fresh certificate issued in his own name, "and in that case the old certificate is cancelled, and the "memorials of the leases or mortgages to which the land is. subject are carried forward to the new one. If a proprietor transfers only a part of his land, his certificate is cancelled "so far, a fresh certificate is issued, and memorials of outstand- "ing interests are similarly carried forward. Memorials of "dealings with leases or mortgages are noted on the duplicate lease or mortgage held by the lessee or mortgagee, and on "the folium of the register book. The Officers of the De- partment, therefore, and persons searching, can see at a glance the whole of the recorded dealings with every property;
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