Section 77 — Right to discharge

(1)Upon fulfilling the obligations under a registered mortgage or charge, a mortgagor or chargor is entitled, subject to section 22 of the Conveyancing and Law of Property Act 1886, to obtain from the mortgagee or chargee a registrable discharge.[8/2014]

(2)A mortgagor or chargor is not bound to account to any person who has acquired an interest in the mortgage or charge unless the transfer or other instrument whereby that person became entitled has been registered and the mortgagor or chargor has been notified in writing of its registration.

(3)For the purpose of enforcing the right to obtain a discharge conferred by this section, the mortgagor is deemed to have an equity of redemption.