52—Mortgagee's receipts, discharges etc
(1) The receipt in
writing of a mortgagee 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 mortgage, or arising thereunder; and a person paying or
transferring the same to the mortgagee shall not be concerned to inquire
whether any money remains due under the mortgage or as to the application of
the money or securities so paid or transferred.
(2) Money received by
a mortgagee under his mortgage or from the proceeds of securities comprised in
his mortgage shall be applied in like manner as in this Act directed
respecting money received by him 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.