Deeds Registries Act, 1937 (Act No. 47 of 1937)Chapter V : BondsGeneral Provisions50. Execution of bonds |
| (1) | A mortgage bond shall be executed in the presence of the registrar by the owner of the immovable property therein described or by a conveyancer duly authorized by such owner by power of attorney, and shall be attested by the registrar. |
| (2) | A mortgage bond or notarial bond may be registered to secure an existing debt or a future debt or both existing and future debts. |
| (3) | Mortgage bonds or notarial bonds intended to secure loans for building purposes shall be deemed to be bonds to secure existing debts. |
| (4) | If in a mortgage bond or notarial bond purporting to secure a future debt the amount of an existing debt is mentioned, such existing debt shall be deemed to be secured as part of the maximum amount intended to be secured by such bond. |
| (5) | Save as authorized by any other law or by order of the Court, debts or obligations to more than one creditor arising from different causes may not be secured by one mortgage bond or notarial bond. |
[Section 50 inserted by section 12 of Act No. 57 of 1975]