(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.