[SCHEDULE 2A Discharge of Mortgages: Supplementary Provisions]
Building Societies Act 1986 (1986 c 53) | Legislation

[SCHEDULE 2A Discharge of Mortgages: Supplementary Provisions]

[Main provisions

1

(1)     When all money intended to be secured by a mortgage given to a building society has been fully paid or discharged, the society may endorse on or annex to the mortgage one or other of the following—

(a)     a receipt in the prescribed form signed by any person acting under the authority of the board of directors;

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

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

(2)     Where in pursuance of sub-paragraph (1) above a receipt is endorsed on or annexed to a mortgage, not being a [registered charge (within the meaning of the Land Registration Act 2002)], the receipt shall operate in accordance

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