764. Default in reconveyance to the mortgagor.

764.     Default in reconveyance to the mortgagor.

Upon a proper tender being made to him, the mortgagee is bound to give a statutory receipt1, or, if appropriate, to execute a reconveyance2 to the mortgagor or other person entitled. If a reconveyance is required, the draft must be previously submitted to the mortgagee's solicitor for approval and the engrossment then left for execution. If the reconveyance is not ready to be handed over on the tender being made, the mortgagee loses his right to costs3.