(1)Where land is held in security by virtue of a heritable security constituted by ex facie absolute conveyance, whether qualified by a back letter or not, a discharge by the creditor in security in conformity with Schedule 9 to this Act, either as a separate dead or as a deed endorsed on the conveyance, shall, as from tine date on which that discharge is duly recorded, discharge that heritable security, disburden the land to the extent that it is the subject of the security, and vest that land in the person entitled thereto in like manner and to the like effect as if a conveyance containing a clause of warrandice from fact and deed only and all other usual and necessary clauses had been granted by the creditor to that person and duly recorded.
(2)Nothing in the provisions of the foregoing subsection shall affect any method of granting a discharge in existence at the commencement of this Act.