(1)Where, in the case of any mortgage to a registered society or branch of any property, a receipt in full for any moneys secured thereby on that property is endorsed on or annexed to the mortgage, being a receipt—
(a)signed by the trustees of the society or branch and counter-signed by the secretary thereof; and
(b)in the form set out in Schedule 4 to this Act or in any other form specified in the rules of the society or branch or any schedule thereto,
that receipt shall be fully effective to vacate the mortgage and vest in the mortgagor the estate of and in the property comprised in the mortgage.
(2)If the mortgage is registered in accordance with the Registration of Deeds Act (Northern Ireland) 1970 the registrar under that Act shall—
(a)on production of the receipt mentioned in subsection (1) above make a note in the Abstract Book against the entry relating to the mortgage that the mortgage is satisfied; and
(b)grant a certificate, either on the mortgage or separately, that the mortgage is satisfied.
(3)The certificate granted under subsection (2)(b) above shall—
(a)be received in all courts and proceedings without further proof; and
(b)have the effect of clearing the register of the mortgage.
(4)In this section “mortgage” includes a further charge and “mortgagor”, in relation to a mortgage, means the person for the time being entitled to the equity of redemption.
(5)This section extends to Northern Ireland only.]
Textual Amendments
F1S. 57A inserted (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para.21 (with ss. 7(5) and 93(4)); S.I. 1993/3226, art. 2, Sch. 2.