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Biblioteca Real Property Trust Instruments Act.

Real Property Trust Instruments Act.

Real Property Trust Instruments Act.
An Act to establish the procedures relating to real property trust instruments in the Republic.

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A trust of any interest in real property may be created to secure the performance of an obligation or the payment of any debt. The encumbrance of real property interests to secure obligations may be by deed of trust pursuant to the provisions of this Act. A transfer does not entitle the trustee or beneficiary to the possession of the property, except as provided in this Act. A deed of trust shall be created, renewed, modified or extended only in writing and must be registered with the Clerk of the High Court. Section 5 prescribes the procedure of registration. The priority of trust instruments on the same real property shall be determined by the order and date of registration. A power of sale is conferred upon the trustee to be exercised upon a breach of the obligation for which such trust is created. Section 11 prohibits impairment of security. (16 sections)

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