103Effect of advance on joint account

103 Effect of advance on joint account (a) in a mortgage or an obligation for payment of money, or a transfer of the mortgage or obligation, the sum or a part of the sum advanced or owing is expressed to be advanced by or owing to one or more persons out of money or as money belonging to them on a joint account; or (b) a mortgage or an obligation for the payment of money, or a transfer of the mortgage or obligation, is made to one or more persons jointly, the mortgage money or other money or money's worth due to those persons on the mortgage or obligation, is, as between them and the mortgagor or obligor, to be taken to be and to remain money or money's worth belonging to those persons on a joint account. (2) Despite any notice to the payer of a severance of the joint account, the receipt in writing of the survivors or last survivor of the persons referred to in subsection (1), or of the personal representative of the last survivor, is a complete discharge for all money or money's worth. (a) applies only to mortgages made or obligations created after the commencement of this Act; (b) applies only to the extent that a contrary intention is not expressed in a mortgage, obligation or transfer of a mortgage or obligation; and (c) has effect subject to the terms of the mortgage, obligation or transfer. (3) If a mortgage is registered under an Act and that Act provides for registration of a record of death or of a record of transmission by or on death, this section has effect only if the record is registered as provided by that Act.