BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 37 Discharge of mortgages.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 37

Discharge of mortgages.

37.(1) When all moneys intended to be secured by a mortgage given to a
building society have been fully paid or discharged, the society may endorse
on or annex to the mortgage one or other of the following, that is to say

(a)a receipt under the society's seal, countersigned by any person acting
under the authority of the board of directors, in the form set out in
Schedule 6;

(b)a reconveyance of the mortgaged property to the mortgagor;

(c)a reconveyance of the mortgaged property to such person and to such uses,
if any, as the mortgagor may direct.

(2) Where the receipt mentioned in subsection (1)(a) is endorsed on or annexed
to a mortgage, that receipt shall, without further assurance, be fully
effective to

(a)vacate the mortgage; and

(b)vest in the mortgagor the estate of and in the property comprised in the
mortgage.

(3) If the mortgage is registered in accordance with the Registration of Deeds
Acts, the Registrar under those Acts shall

(a)on production of the receipt mentioned in subsection (1)(a), make an entry
in the margin of the registry-book against the registry of the memorial of the
mortgage that the mortgage is satisfied; and

(b)grant a certificate, either on the mortgage or separately, that the
mortgage is satisfied.

(4) The certificate granted under subsection (3)(b) shall

(a)be received in all courts and proceedings without further proof; and

(b)have the effect of clearing the register of the mortgage.

Subs.(5) rep. by 1967 c.30 (NI) s.16 sch.2

(6) 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.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 37