| (1) | If the owner (in this section referred to as the transferor) of land which is hypothecated under a registered mortgage bond other than a mortgaged bond to secure the obligations of a surety (not being a person referred to in paragraph (b) of subsection (1) of section fifty-six) transfers to another person the whole of the land hypothecated thereunder, and has not reserved any real right in such land, the registrar may, notwithstanding the provisions of subsection (1) of the said section, register the transfer and substitute the transferee for the transferor as debtor in respect of the bond: Provided that there is produced to him, in duplicate, the written consent in the prescribed form of the holder of the bond and the transferee to the substitution of the transferee for the transferor as the debtor in respect of the bond for the amount of the debt disclosed therein or for a lesser amount. |
[Section 57(1) substituted by section 24 of Act No. 43 of 1962]
| (2) | In registering the transfer in terms of subsection (1) the registrar shall— |
| (a) | endorse upon the deed of transfer that the land has been transferred subject to the bond; |
| (b) | endorse upon the bond that the transferee has been substituted for the transferor as debtor; and |
| (c) | make such consequential entries in the registry records as he may deem necessary. |
[Section 57(2) substituted by section 16 of Act No. 27 of 1982]
| (3) | As from the date of the transfer deed the transferor shall be absolved from any obligation secured by the bond and the transferee shall be substituted for him as the debtor in respect of such bond and shall be bound by the terms thereof in the same manner as if he had himself passed the bond and had renounced therein the benefit of all relevant exceptions and, if the bond is a bond to secure future debts, the immovable property thereby mortgaged will secure any further or future advances which are made by the mortgagee of the bond to the transferee. |
[Section 57(3) substituted by section 4 of Act No. 24 of 1989]
| (4) | The provisions of this section shall not apply if the mortgaged land is to be transferred— |
| (a) | to a person who would not himself be competent to mortgage it; or |
| (b) | to two or more persons, unless they take transfer of the land in undivided shares and renounce, in the written consent referred to in subsection (1) the exception de duobus vel pluribus reis debendi. |
| (c) | [Section 57(4)(c) deleted by section 16 of Act No. 27 of 1982] |
| (5) | The provisions of subsections (1) to (4), inclusive, shall mutatis mutandis apply in respect of immovable property other than land which is hypothecated under a registered mortgage bond. |
[Section 57(5) inserted by section 27 of Act No. 43 of 1957]
