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Absconding bondholder

12 February 2009

I have the following problematic scenario:

In 1995 a Mortgage Bond was registered in favour of Mr S, a natural person. The Property was sold to Mrs N in January 2000 by Mr D, by means of an Instalment Sale Agreement. In February 2000 Mr S signed a consent to cancellation drafted by the attorneys who also drafted the sales agreement. In 2008 the purchase price was paid in full and Mrs N demanded transfer. Upon receipt of the instructions it became evident that the Mortgage Bond is lost. Whether it was lost prior to signing of the consent to cancellation or only after such signature, I do not know.

Nonetheless the Mortgage bond is now lost and normal practice require that I lodge a Reg 68(11) application. However the bondholder has since disappeared and cannot be found. It is after all the bondholder that has to apply for such a cancellation. What can I do in a situation like this? I need some guidance from the conveyancers with experience in the not so run-of-the-mill transactions.

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