sec.111Effect of advance out of joint account

### sec.111 Effect of advance out of joint account This section applies in relation to— a mortgage under which an amount is expressed to be advanced by 2 or more persons (the mortgagees ) out of money belonging to them on a joint account; or a mortgage to 2 or more persons (also the mortgagees ) jointly. An amount owing under the mortgage belongs to the mortgagees on a joint account. The receipt, for an amount paid under the mortgage, given in writing by the survivors or last survivor of the mortgagees is a complete discharge for the amount, despite any notice to the mortgagor of a severance of the joint account. This section applies subject to any agreement to the contrary. In this section— mortgage includes— an obligation to pay money; and a transfer of a mortgage; and a transfer of an obligation to pay money. (sec.111-ssec.1) This section applies in relation to— a mortgage under which an amount is expressed to be advanced by 2 or more persons (the mortgagees ) out of money belonging to them on a joint account; or a mortgage to 2 or more persons (also the mortgagees ) jointly. (sec.111-ssec.2) An amount owing under the mortgage belongs to the mortgagees on a joint account. (sec.111-ssec.3) The receipt, for an amount paid under the mortgage, given in writing by the survivors or last survivor of the mortgagees is a complete discharge for the amount, despite any notice to the mortgagor of a severance of the joint account. (sec.111-ssec.4) This section applies subject to any agreement to the contrary. (sec.111-ssec.5) In this section— mortgage includes— an obligation to pay money; and a transfer of a mortgage; and a transfer of an obligation to pay money. - (a) a mortgage under which an amount is expressed to be advanced by 2 or more persons (the mortgagees ) out of money belonging to them on a joint account; or - (b) a mortgage to 2 or more persons (also the mortgagees ) jointly. - (a) an obligation to pay money; and - (b) a transfer of a mortgage; and - (c) a transfer of an obligation to pay money.