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Since the transition from PCT (paper) to ECT (electronic) titles, the banks have held onto any paper title that was in their possession at the time of the change (i.e. any properties under mortgage or used for financing).
I am trying to obtain that paper title from the bank for a mortgage that has been discharged, and am running into a bit of resistance. (relating to Victoria)
* The paper duplicate of titles held by the banks were not destroyed when the system went electronic; they were stamped with ‘cancelled’ (or similar) and put into archives. (I have confirmation of this from my bank)
* Yes, I am aware that Vic Land Titles Office holds all original paper titles.
* I already have a valid paper duplicate title from Vic Land Titles Office (done before they stopped allowing paper copies late in 2024).
* I’m after the cancelled duplicate title the bank still holds in archives.
* I do not need this for any legal purposes. In principal, I do not want the bank to be holding onto something (I believe) they have no claim to. If this situation arose before electronic titles, they would have handed it over. A transition to electronic titles should not (in my opinion) change that.
Does anyone have any comments from a legal perspective?
I want to write a follow up letter that is more persuasive.