A debtor cannot unilaterally discharge a mortgage debt by delivering a promissory note to the creditor without the creditor's agreement to accept it. Receipt and possession of an unsolicited promissory note, and silence following receipt, do not constitute acceptance. A receiving body under a total transfer of business under the Financial Sector (Business Transfer and Group Restructure) Act 1999 (Cth) has standing to enforce mortgages and loan agreements entered into by the transferring body without any separate contract with the debtor.
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