Friendly Societies Act 1974

57 Discharge of certain mortgages. E+W

(1) Where, in the case of any mortgage or other assurance to a registered society or branch of any property, a receipt in full for all money secured thereby on that property is endorsed on or annexed to the mortgage or other assurance, being a receipt—

(a) signed by the trustees of the society or branch and countersigned 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,

then, for the purposes of the provisions of section 115 of the M1 Law of Property Act 1925 (reconveyance of mortgage by endorsed receipt) which are specified in subsection (2) below, that receipt shall be deemed to be a receipt which fulfils the requirements of subsection (1) of that section.

(2) The provisions of section 115 of the M2 Law of Property Act 1925 which are referred to in subsection (1) above are—

(a) subsection (1), so far as it relates to the operation of such a receipt as is mentioned in that subsection;

(b) if, but only if, the receipt under this section states the name of the person who pays the money, subsection (2);

(c) subsections (3), (6), (8), (10) and (11); and

(d) where consistent with the terms of the form authorised by subsection (1)(b) above which is used for the receipt, subsection (7).

(3) This section extends to England and Wales only.

Marginal Citations

M1 1925 c. 20.

M2 1925 c. 20.