Is the statement 'Control of the right to deal is held by such & such bank' on all documents where a mortgage exists?
I am not sure, any property lawyers out there? Might be for electronic titles where there is no physical possession of a deed.
I was thinking that it was used in cases where the bank has exercised it's power as mortgagee in possession. Ownership hasn't changed but control of the asset has reverted to the financiers.
Why else would the bank put parties on notice that they hold the right to control any dealings with the land? The release of a mortgage, registration of a caveat or interest, granting an easement, registration of a lease etc only require the consent of the parties with registered interests whereas, in this instance, the bank has taken control of the property.
