Corrs Banking and Finance Bulletin:Securitisation – A new risk for trustees in Queensland

01 April 2006

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At the start of February 2006, new legislation took effect in Queensland. The Land Title Act 1994 (and mirror amendments in the Land Act 1994) now requires that any mortgagee (or mortgage transferee) who takes an interest in land as security must take "reasonable steps" to ensure that the identity of the mortgagor is the same as that of the person who will become the registered proprietor of the land. It will usually (although not universally) suffice for the mortgagee to undertake a "100 point check" of the mortgagor’s identification.

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