(1)This section applies where—
(a)there is a mortgage or other assurance (“the charge”) of any property in England or Wales to a registered society,
(b)a receipt in full for all moneys secured on the property by the charge is endorsed on, or annexed to, the charge,
(c)the receipt is in a form set out in Part 1 of Schedule 2 or is in any other form specified in the society’s rules (or in a schedule to those rules), and
(d)the receipt is signed by 2 members of the society’s committee and countersigned by its secretary (or, if the society is in liquidation, is signed by the liquidator or liquidators for the time being, described as such).
(2)For the purposes of the provisions of section 115 of the Law of Property Act 1925 (reconveyances of mortgages by endorsed receipts) specified below, the receipt is treated as meeting the requirements of subsection (1) of that section—
(a)subsection (1) so far as it relates to the operation of a receipt of a kind mentioned in that subsection;
(b)if the receipt states the name of the person who pays the money, subsection (2);
(c)subsections (3), (6), (8), (10) and (11);
(d)where consistent with the terms of the form used for the receipt, subsection (7).
(1)This section applies to land in Scotland that is held in security by a registered society by virtue of a heritable security.
(2)If the heritable security is constituted by an ex facie absolute conveyance (whether or not qualified by a back letter), a receipt in Form C in Part 2 of Schedule 2 (or as nearly as may be in that form) that is endorsed on or annexed to the conveyance has the following effect on being registered in the General Register of Sasines—
(a)it effectually discharges the heritable security and disburdens the land comprised in it, and
(b)it vests that land in the person entitled to it at the date the receipt is granted, in the same way and to the same effect as if the society had granted a conveyance containing all usual and necessary clauses and the conveyance had been duly registered in the General Register of Sasines.
(3)In any other case—
(a)where the heritable security is recorded in the General Register of Sasines, a receipt in Form D in Part 2 of Schedule 2 (or as nearly as may be in that form) that is endorsed on or annexed to the deed constituting the heritable security, upon being recorded in the General Register of Sasines, effectually discharges the heritable security and disburdens the land comprised in it, in the same way and to the same effect as if the society had granted a discharge and the discharge had been duly recorded in the General Register of Sasines, and
(b)where the heritable security is registered in the Land Register of Scotland, a receipt in Form E in Part 2 of Schedule 2 (or as nearly as may be in that form) that is endorsed on or annexed to the deed constituting the heritable security, upon being registered in the Land Register of Scotland, effectually discharges the heritable security and disburdens the land comprised in it, in the same way and to the same effect as if the society had granted a discharge and the discharge had been duly registered in the Land Register of Scotland.
(4)The fee payable in respect of the registration of the receipt may not exceed 25 pence.
(5)In this section—
“a receipt”, in relation to any security, means a receipt for all moneys advanced by the society on the security of the property comprised in the security;
“conveyance” and “deed” have the meaning given by the Conveyancing (Scotland) Act 1924.
(1)This section applies to property other than land that is held in security by a registered society in Scotland.
(2)A receipt in Form F in Part 2 of Schedule 2 (or as nearly as may be in that form)—
(a)discharges the security, and
(b)vests the property comprised in it in the person entitled to it at the date the receipt is granted without the necessity of any further deed.
(3)But where the original security was intimated to any person, a receipt has the effect mentioned in subsection (2) only when it is duly intimated to that person.
(4)The fee payable in respect of the registration of the receipt may not exceed 25 pence.
(5)In this section—
“a receipt”, in relation to any security, means a receipt for all moneys advanced by the society on the security of the property comprised in the security;
“deed” has the meaning given by the Conveyancing (Scotland) Act 1924.
On payment of all moneys intended to be secured to a registered society on the security of any property, the debtor is entitled (or the debtor’s successor is, or the debtor’s representatives are, entitled) to a receipt in the appropriate form specified in Schedule 2.