Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Where —
(a) 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
(b) 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.
(2) 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.
(3) This section
applies to any mortgage, obligation or transfer made after the coming into
operation of this Act.
(4) 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.