Deeds Registries Act, 1937 (Act No. 47 of 1937)Chapter V : BondsGeneral Provisions55. Requirements in case of bonds passed by or in favour of two or more persons |
| (1) | If a mortgage bond or notarial bond is passed by two or more mortgagors, no release from the bond— |
| (a) | of any mortgagor and his property, or of a portion of the property of any mortgagor may be registered without the written consent of the other mortgagor or mortgagors; or |
| (b) | of all the property of any mortgagor may be registered unless such mortgagor is also released. |
| (1)bis | If a mortgage bond or notarial bond is passed by two or more mortgagors, no waiver of preference by the mortgagee in favour of a further mortgage bond or notarial bond over the property of one of the mortgagors may be registered without the written consent of the other mortgagor or mortgagors. |
| (2) | No mortgage bond or notarial bond may be passed in favour of two or more persons in which it is stipulated that the share of one holder shall rank prior in order of preference to the share of another, nor may any transaction be registered which would have the effect of giving preference to one share in such bond over another share. |
[Section 55 substituted by section 22 of Act No. 87 of 1965]