Part 6Banking and lending by societies
Discharge of charges securing lending by a registered society
73Discharge of securities: other property in Scotland
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.