Intellectual Property Rights from Publicly Financed Research and
R 385
Mining Titles Registration Act, 1967 (Act No. 16 of 1967)Chapter VII : Bonds: General Provisions35. Requirements in case of bonds passed by or in favour of two or more persons |
| (1) | No mortgage bond shall be passed by two or more mortgagors unless it purports to bind registered rights of each mortgagor: Provided that rights held subject to a condition that on the happening of a certain event such rights shall revert to a person named in such condition, may be mortgaged by the holder thereof and such person by means of a bond passed by them jointly and severally, or may be mortgaged by the holder of such rights with the written consent of such person, in which case the mortgage bond shall contain a reference to such consent. |
[Section 35(1) substituted by section 28(a) of Act No. 24 of 2003]
| (2) | If a bond is passed by two or more mortgagors, no release from the bond— |
| (a) | of any mortgagor and his rights, or of a portion of the rights of any mortgagor shall be registered without the written consent of the other mortgagor or mortgagors; |
| (b) | of all the rights of any mortgagor shall be registered unless such mortgagor is also released. |
| (3) | If a bond is passed by two or more mortgagors no waiver of preference by the mortgagee in favour of a further mortgage bond over the rights of one of the mortgagors may be registered without the written consent of the other mortgagor or mortgagors. |
| (4) | No bond shall be passed in favour of two or more persons in which it is stipulated that the share of one bond holder shall rank in priority to the share of another, nor shall any transaction be registered which would have the effect of giving preference to one share in a bond over another share. |
| (4) | The holder of a right subject to a personal servitude and the holder of that servitude may together mortgage the right to the full extent of their respective interests therein. |
[Section 35(4) inserted by section 28(b) of Act No. 24 of 2003 - numbering as per Government Gazette]
| (5) | The holder of the right and the holder of the servitude may, either of them as principal debtor, in the same bond, mortgage the right or the servitude, and either of them may in the same bond mortgage the servitude or right as surety. |
[Section 35(5) inserted by section 28(b) of Act No. 24 of 2003]
