sec.120Receipt of mortgagee sufficient discharge

### sec.120 Receipt of mortgagee sufficient discharge The receipt in writing of a mortgagee is sufficient discharge for— any money arising from a sale under the power of sale given by this Act; or any money or securities comprised in, or arising under, the mortgagee’s mortgage. A person paying or transferring money or securities mentioned in subsection (1) is not required to— ask whether any money remains due under the mortgage; or ensure the money or securities are properly applied. Money received by a mortgagee under the mortgagee’s mortgage or from the proceeds of securities comprised in the mortgagee’s mortgage must be applied as if— the money were money received by the mortgagee under a power of sale under this Act; and a reference in section 118 (2) (a) to the reasonable expenses incurred in selling the property were a reference to the reasonable expenses incurred in recovering and receiving the money or securities, or of converting the securities into money. (sec.120-ssec.1) The receipt in writing of a mortgagee is sufficient discharge for— any money arising from a sale under the power of sale given by this Act; or any money or securities comprised in, or arising under, the mortgagee’s mortgage. (sec.120-ssec.2) A person paying or transferring money or securities mentioned in subsection (1) is not required to— ask whether any money remains due under the mortgage; or ensure the money or securities are properly applied. (sec.120-ssec.3) Money received by a mortgagee under the mortgagee’s mortgage or from the proceeds of securities comprised in the mortgagee’s mortgage must be applied as if— the money were money received by the mortgagee under a power of sale under this Act; and a reference in section 118 (2) (a) to the reasonable expenses incurred in selling the property were a reference to the reasonable expenses incurred in recovering and receiving the money or securities, or of converting the securities into money. - (a) any money arising from a sale under the power of sale given by this Act; or - (b) any money or securities comprised in, or arising under, the mortgagee’s mortgage. - (a) ask whether any money remains due under the mortgage; or - (b) ensure the money or securities are properly applied. - (a) the money were money received by the mortgagee under a power of sale under this Act; and - (b) a reference in section 118 (2) (a) to the reasonable expenses incurred in selling the property were a reference to the reasonable expenses incurred in recovering and receiving the money or securities, or of converting the securities into money.