New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 113

113 Receipts and discharges

(1) The receipt in writing of a mortgagee or chargee shall be a sufficient discharge for any money arising under the power of sale conferred by this Act, or for any money or securities comprised in his or her mortgage or arising thereunder, and a person paying or transferring the same to the mortgagee or chargee shall not be concerned to inquire whether any money remains due under the mortgage or charge or to see to the application of the money or securities so paid or transferred.

(2) Money received by a mortgagee or chargee under his or her mortgage or charge, or from the proceeds of securities comprised in his or her mortgage, shall be applied in like manner as in this Act directed respecting money received by the mortgagee or chargee arising from a sale under the power of sale conferred by this Act; but with this variation, that the costs, charges, and expenses payable shall include the costs, charges, and expenses properly incurred of recovering and receiving the money or securities, and of conversion of securities into money instead of those incident to sale.

(3) This section applies to mortgages and charges under the Real Property Act 1900 .