asked the Minister for Justice the authority whereby satisfaction of mortgages to building societies is noted on Registry of Deeds negative searches in appropriate cases notwithstanding that the searches in question are not against the building societies concerned.
Ceisteanna—Questions. Oral Answers. - Building Society Mortgages.
58.
Mr. Ryan
There is no provision in the Registry of Deeds Acts for cancelling a memorial or withdrawing it from the Registry. An inconvenient consequence of this is that memorials of mortgages remain on the register after the mortgages have been discharged. In so far as mortgages in favour of building societies are concerned an effort was made to remedy this situation in the Building Societies Act, 1874. Section 42 of that Act provides that, when moneys secured by a mortgage have been repaid, the building society may endorse on the mortgage deed, or annex thereto, a receipt for the mortgage money. The receipt operates to discharge the mortgage and to vest the mortgaged estate in the person entitled to the equity of redemption. The section directs the Registrar of Deeds, on the production of the receipt verified on oath by any person, to make a note on the entry of the mortgage to the effect that it has been satisfied. A negative search against the mortgagor must, therefore, disclose not only the entry of the mortgage but also the note of its satisfaction. This, of course, operates to the advantage of the applicant for the search and of the owner of the lands, while not adversely affecting the building society.
There is no supplementary from Deputy Ryan.