26Power to revest mortgaged land by receipt of registered trustees

26 Power to revest mortgaged land by receipt of registered trustees

*[Section 26 Amended by 25 Geo. V No. 78 ]**[Section 26 Amended by No. 21 of 1996, s. 20 and Sched. 1 ]*When all moneys intended to be secured by any mortgage or further charge given to the trustees of any registered trust expressly as such trustees, or upon such trust, or upon which any such memorandum as aforesaid has been made by the Recorder, or upon which the mortgagees named therein have signed any written acknowledgment that such mortgage or further charge is held upon such trust, or all moneys intended to be secured by any mortgage or further charge given by the trustees of any registered trust expressly as such trustees, or upon which the mortgagors named therein have signed any written acknowledgment that the equity of redemption is held upon such trust, have been fully paid or discharged, the persons entitled to receive the moneys owing upon the security of such mortgage or further charge may indorse upon or annex to such mortgage or further charge a receipt in writing under their hands, in the approved form, and such receipt shall vacate the mortgage or further charge and debt, and also all further charges relating to the same land dated subsequently to the mortgage or further charge on or to which such receipt shall be indorsed or annexed and prior to the date of the receipt, and vest the estate of and in the property therein comprised in the persons entitled to the equity of redemption without any reconveyance or reassignment whatever, and so that the person entitled to the equity of redemption, if the original mortgagors shall hold the property, to the same uses and upon the same trusts, so far as they have not been varied or altered, upon which the property was held before the mortgage, and if not the original mortgagor, to the same uses and upon the same trusts as the equitable estate.