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Discharge of mortgages in Scotland.
31 & 32 Vict. c. 101.
32 & 33 Vict. c. 116.
37 & 38 Vict. c. 94.
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44. In Scotland—
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(1) A receipt in full, signed by two members of the committee, and countersigned by the secretary, of a registered society, for all moneys secured to the society on the security of any property to which such receipt relates, and being in or as nearly as may be in the Form B. in the Third Schedule to this Act, if endorsed on or annexed to any heritable security other than one in the form of an ex-facie or other absolute conveyance or disposition, shall, on the registration thereof in the appropriate register of sasines, operate as a renunciation and discharge of such heritable security, and effectually disburden the lands, or estate in land, or other subjects comprised therein, in the same manner and to the same effect as if a formal discharge containing all usual clauses according to the present practice had been granted by the society.
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(2) Such a receipt so signed, and being in or as nearly as may be in the Form C. in the said schedule, endorsed on or annexed to any heritable security in the form of an ex-facie or other absolute conveyance, or of an absolute disposition, whether qualified by a back bond or not, shall, on the registration thereof in the appropriate register of sasines, effectively discharge the heritable security so constituted, and disburden the lands, or estate in land, or other subjects comprised in the heritable security, and vest and convey the same in and to the person or persons entitled thereto at the date of the granting of the receipt, and that to the same effect and in the same manner as if a formal conveyance, containing all usual clauses according to the present practice, had been granted by the society to such person or persons and duly recorded.
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(3) Such a receipt so signed, and being in or as nearly as may be in the Form D. in the said schedule hereto, endorsed on or annexed to any security or assurance other than a heritable security, shall (on being duly intimated where the original security or assurance was intimated) vacate the same, and re-vest the property therein comprised in the person or persons entitled to the same, without the necessity of any more formal discharge or other deed.
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(4) Nothing herein contained shall preclude any person or persons from adopting the forms and procedure presently in use in lieu of those provided under this Act, and, in case of any error or defect in connexion with the use of the forms under this Act, it shall be competent of new to make and record any deed or deeds which may be necessary, whether under this Act or otherwise.
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(5) The registration of such receipts as aforesaid shall be made in conformity with the provisions regulating registration in the registers concerned, but the dues on the registration of any one receipt shall in no case exceed five shillings. No stamp duty shall be payable on any receipt registered under this section.
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(6) In this section, and in the schedule relating hereto, the expressions “heritable security,” “lands” (including “land”), “estate in land,” “debtor,” “successors” (including “successor”), “deed” or “deeds,” and “conveyance,” shall each respectively have the meaning attached thereto by the Titles to Land Consolidation (Scotland) Act, 1868, the Titles to Land Consolidation (Scotland) Amendment Act, 1869, and the Conveyancing (Scotland) Act, 1874, and the expression “heritable security” shall include securities over lands or estates in lands by way of ex-facie or other absolute dispositions whether qualified by a back bond or not.
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