An eCT means that the bank does not hold a paper certificate of title for the current edition of a folio. Instead the mortgagee is recorded as having Control of the Right to Deal (CoRD) on the Register.
The following text on a land title search indicates that an eCT exists and who controls it:
NO CERTIFICATE OF TITLE HAS ISSUED FOR THE CURRENT EDITION OF THIS FOLIO.
CONTROL OF THE RIGHT TO DEAL IS HELD BY [mortgagee name].
The eCT on a land title should not be confused with 'the certificate of title has not issued' shown on a land title for which NSW LRS has not issued a CT, e.g. for roads, railways and waterways.
For more information regarding eligible parties see Parties eligible for an eCT page.
How does the mortgagee produce a CT when there is an eCT?
What happens with an eCT in a paper settlement?