Comparison View

Formal Consolidation |  2004 RevEd
Flats, houses or other buildings not to be attached, etc., and no trust in respect thereof to be created without approval of Board
51.—(1)  No lien by deposit of the title deeds, as security for a debt, of any flat, house or other building that has been sold by the Board under the provisions of this Part shall be capable of being created in favour of any person and no caveat in support of any such lien by deposit shall be capable of being registered under the provisions of the Registration of Deeds Act (Cap. 269) or the Land Titles Act (Cap. 157).
(2)  No such flat, house or other building shall vest in the Official Assignee on the bankruptcy of the owner thereof.
(3)  No such flat, house or other building shall be attached in execution of an order of any court unless the order of the court is obtained by —
(a)a mortgagee in exercise of his rights under a mortgage created with the prior written consent of the Board; or
(b)a chargee in exercise of his rights under a charge under any written law,
over that flat, house or other building.
[31/2002]
(3A)  Subsections (2) and (3) shall not apply if the owner of any such flat, house or other building is or, where there is more than one owner, all the owners are not citizens of Singapore.
[41/98]
(4)  No trust in respect of any such flat, house or other building shall be created by the owner thereof without the prior written approval of the Board.
[30/84]
(5)  Every trust which purports to be created in respect of any such flat, house or other building without the prior written approval of the Board shall be void.
[30/84]
Informal Consolidation | Amended Act 35 of 2020
Property not to be used as security or attached, etc., and no trust in respect thereof to be created without approval of Board
51.—(1)  Subject to subsections (4) and (4A), any contract or agreement to directly or indirectly use protected property (or the proceeds of sale of protected property) as security or collateral for any debt, obligation or claim shall be null and void.
[Act 35 of 2020 wef 08/01/2021]
(2)  Any act (including the deposit of title deeds), deed, instrument or document that purports to protect rights under or give effect to any contract or agreement that is null and void under subsection (1) shall be of no effect and shall not result in or create any interest in land or be capable of being registered under the provisions of the Registration of Deeds Act (Cap. 269) or the Land Titles Act (Cap. 157).
(3)  Where any deed, instrument or document referred to in subsection (2) is registered under the provisions of the Registration of Deeds Act or the Land Titles Act —
(a)the Board may, by an instrument lodged with the Registrar of Deeds or the Registrar of Titles, as the case may be, declare such deed, instrument or document to be null and void; and
(b)the Registrar of Deeds or the Registrar of Titles shall register the instrument lodged by the Board under paragraph (a) without being concerned to inquire into its regularity or validity, and upon registration thereof shall cancel the registration of such deed, instrument or document declared by the Board to be null and void.
(4)  Subsection (1) does not apply if the security or collateral is to be created or granted in favour of —
(a)the Board;
(b)an approved financial institution; or
(c)any person or person belonging to a class of persons prescribed by the Minister as a person to whom, or a class of persons to which, subsection (1) will not apply.
(4A)  Subsection (1) does not apply to any contract, agreement or arrangement under which an approved financial institution uses any of its interest in any security over any protected property as security or collateral for the grant of any facility by the MAS to the approved financial institution.
[Act 35 of 2020 wef 08/01/2021]
(5)  No protected property shall vest in the Official Assignee on the bankruptcy of the owner thereof.
(6)  No protected property shall be attached in execution of an order of any court unless the order of the court is obtained by —
(a)a mortgagee in exercise of his rights under a mortgage created with the prior written consent of the Board over that property; or
(b)a chargee in exercise of his rights under a charge under any written law over that property.
(7)  Subsections (5) and (6) shall not apply if the sole owner of any protected property is not a citizen of Singapore or, where there is more than one owner, all the owners are not citizens of Singapore.
(8)  No trust in respect of any protected property shall be created by the owner thereof without the prior written approval of the Board.
(9)  Every trust which purports to be created in respect of any protected property without the prior written approval of the Board shall be null and void.
(10)  No person shall become entitled to any protected property (or any interest in such property) under any resulting trust or constructive trust whensoever created or arising.
(11)  In this section —
“approved financial institution” means —
(a)any bank licensed under the Banking Act (Cap. 19);
(b)any finance company licensed under the Finance Companies Act (Cap. 108);
(c)any direct insurer licensed under the Insurance Act (Cap. 142); and
[Act 11 of 2013 wef 18/04/2013]
(d)any merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186);
“facility” means an arrangement between the MAS and an approved financial institution under which the MAS provides funding to the approved financial institution, and includes a credit facility and a repurchase transaction;
[Act 35 of 2020 wef 08/01/2021]
“MAS” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act;
[Act 35 of 2020 wef 08/01/2021]
“proceeds of sale”, in relation to any property, means the proceeds from any transaction involving the sale, transfer, conveyance, assignment, mortgage, charge or the disposal in any manner of the property or an estate or interest in the property;
“protected property” means any flat, house or other building that has been sold by the Board under the provisions of this Part;
“Registrar of Deeds” means the Registrar of Deeds appointed under the Registration of Deeds Act (Cap. 269) and includes any Deputy Registrar of Deeds;
“Registrar of Titles” means the Registrar of Titles appointed under the Land Titles Act (Cap. 157) and includes any Deputy Registrar of Titles and Assistant Registrar of Titles.
[18/2010 wef 11/08/2010]