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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 48

Discharge of certain mortgages.

48.(1) Where, in the case of any mortgage to a registered society or branch of
any property, a receipt in full for all moneys secured thereby on that
property is endorsed on or annexed to the mortgage, 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 or in any other form specified in the
rules of the society or branch or any schedule thereto,

(2) 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) make a note in the
Abstract Book against the entry relating to the mortgage that the mortgage is
satisfied; and

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

(3) The certificate granted under subsection (2)(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.

(4) 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.

© 1970 Crown Copyright

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