Effect of advance on joint account
67 Effect of advance on joint account
Where —
in a mortgage, or an obligation for payment of money, or a transfer of a mortgage or of such an obligation, the sum, or any part of the sum, advanced or owing is expressed to be advanced by or owing to more persons than one out of money, or as money, belonging to them on a joint account; or
a mortgage, or such an obligation, or such a transfer is made to more persons than one, jointly and not in shares,
the mortgage money, or other money or money’s worth, for the time being due to those persons on the mortgage or obligation, shall, as between them and the mortgagor or obligor, be deemed to be and remain money or money’s worth belonging to those persons on a joint account; and the receipt in writing of the survivors or last survivor of them, or of the personal representative of the last survivor is a complete discharge for all money or money’s worth for the time being due, notwithstanding any notice to the payer of a severance of the joint account.
This section applies if and so far as a contrary intention is not expressed in the mortgage, obligation or transfer, and has effect subject to the terms of the mortgage, obligation, or transfer, and to the provisions thereof.
This section applies to any mortgage, obligation or transfer made after the coming into operation of this Act.
In the case of mortgages under the Transfer of Land Act 1893 this section applies subject to the provisions of that Act relating to the entry of survivorship and the registration of a discharge.
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