Land Registration Act (Northern Ireland) 1970

N.I. Registration of charges

1 [F1 (1)] Subject to paragraphs 2 and 3, every deed of charge by a registered owner shall be in the prescribed form or in such other form,F1 . . . , as shall sufficiently charge the land and as shall not be calculated to mislead. N.I.

[F1 (2) A document purporting to transfer or demise (whether or not subject to defeasance) a freehold or leasehold estate in registered land by way of mortgage shall so far only as it relates to such land be deemed to be a deed of charge of, respectively, that estate or the estate out of which the leasehold estate is purported to be demised, and shall not operate to vest any freehold or leasehold estate in the registered land in the person in whose favour the document is executed.]

F1 1992 NI 7

2 N.I. The registered land comprised in a charge created by deed after the commencement of this Act shall be described by reference to the[F2 title register] or in any other manner sufficient to enable the Registrar to identify the same.

F2 1992 NI 7

3 N.I. A deed of charge shall not refer to any other burden affecting the land which would have priority over the charge unless such burden is—

(a) entered or deemed to be entered on the[F3 title register]; or

(b) a Schedule 5 burden.

F3 1992 NI 7

4 N.I. When it is expressed in a deed of charge that any person covenants for payment of the principal sum charged, there shall, unless provision to the contrary is contained in the deed of charge, be implied a covenant by that person with the registered owner for the time being of the charge—

(a) to pay the principal sum charged and interest, if any, at the time and rate specified in the deed of charge; and

(b) if the principal sum, or any part thereof, is unpaid at the time so specified, to pay interest half-yearly at the rate so specified on so much of the principal sum as for the time being remains unpaid.