Section 87 of the Principal Act is amended as follows:

(a) by omitting "he holds the certificate of title or duplicate registered dealing" and substituting "the first mortgagee or encumbrancee, respectively, holds the certificate of title, if any, or the duplicate registered dealing, if any," ;

(b) by omitting "or duplicate" second occurring and substituting ", if any, or duplicate registered dealing, if any," .