Part 6Banking and lending by societies

Discharge of charges securing lending by a registered society

73Discharge of securities: other property in Scotland

1

This section applies to property other than land that is held in security by a registered society in Scotland.

2

A receipt in Form F in Part 2 of Schedule 2 (or as nearly as may be in that form)—

a

discharges the security, and

b

vests the property comprised in it in the person entitled to it at the date the receipt is granted without the necessity of any further deed.

3

But where the original security was intimated to any person, a receipt has the effect mentioned in subsection (2) only when it is duly intimated to that person.

4

The fee payable in respect of the registration of the receipt may not exceed 25 pence.

5

In this section—

  • “a receipt”, in relation to any security, means a receipt for all moneys advanced by the society on the security of the property comprised in the security;

  • “deed” has the meaning given by the Conveyancing (Scotland) Act 1924.