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CONVEYANCING ACT 1881 - SECT 61

Effect of advance, on joint account, &c.

61.(1) Where in a mortgage, or an obligation for payment of money, or a
transfer of a mortgage or of such an obligation, the sum, or any part of the
sum, advanced or owing is expressed to be advanced by or owing to more persons
than one out of money, or as money, belonging to them on a joint account, or a
mortgage, or such an obligation, or such a transfer is made to more persons
than one, jointly, and not in shares, the mortgage money, or other money, or
money's worth for the time being due to those persons on the mortgage or
obligation, shall be deemed to be and remain money or money's worth belonging
to those persons on a joint account, as between them and the mortgagor or
obligor; and the receipt in writing of the survivors or last survivor of them,
or of the personal representatives of the last survivor, shall be a complete
discharge for all money or money's worth for the time being due,
notwithstanding any notice to the payer of a severance of the joint account.

(2) This section applies only if and as far as a contrary intention is not
expressed in the mortgage, or obligation, or transfer, and shall have effect
subject to the terms of the mortgage, or obligation, or transfer, and to the
provisions therein contained.

(3) This section applies only to a mortgage, or obligation, or transfer made
after the commencement of this Act.

© 1881 Crown Copyright

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