CONVEYANCING ACT 1919 - SECT 99
Effect of advance on joint account etc
CONVEYANCING ACT 1919 - SECT 99
Effect of advance on joint account etc
99 Effect of advance on joint account etc
(1) 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 where a
mortgage, or such an obligation, or such a transfer, is made to more persons
than one, 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 them on a joint account; and the
receipt in writing of the survivors or last survivor of them, or of the
executors or administrators of the last survivor, or the assigns of the last
survivors or survivor, shall be a complete discharge for all money or money's
worth for the time being due, notwithstanding any notice to the payer of the
severance of the joint account.
(2) Such survivors or survivor, or the
executors or administrators of such last survivor, or the assigns of the last
survivors or survivor, may exercise all powers conferred by the mortgage or
obligation as fully and effectually as the mortgagees, if living, could have
done; subject as to lands under the provisions of the Real Property Act 1900
to compliance with the provisions of that Act.
(3) This section applies only
to a mortgage, or obligation, or transfer made after the commencement of this
Act, and then only in so far as a contrary intention is not expressed in the
mortgage, obligation, or transfer, and shall have effect subject to the terms
and provisions thereof.
