Mortgage Discharge

When a registered mortgage is discharged, it is the responsibility of the mortgagor to notify the Authority.

The discharge of a mortgage normally occurs when (i) the aircraft has been sold or changes owners and the aircraft is to be de registered or (ii) the mortgage has been paid out and the mortgage is legally terminated. In either case, the mortgage may not be discharged until such time as the correct form has been submitted to the Authority which has been signed by both the mortgagee and mortgagor and evidence of a discharge or receipt for the mortgage money.

Note

The fee for the discharge of a mortgage is CI$150.00 plus any administration charges however, it is important that the aircraft account be queried to ensure that there are no outstanding invoices.

Last Updated: 2010-02-04