South Australian Current Acts South Australian Current Acts54—Effect of advance on joint account
(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 shall be 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 shall
apply if and so far as a contrary intention is not expressed in the mortgage,
obligation or transfer, and shall have effect subject to the terms of the
mortgage, obligation, or transfer, and to the provisions therein contained.