646. Effect of payment of mortgage in general.

(2)     Effect of Payment, Receipts and Transfers and Delivery of Deeds

(i)     Effect of Payment of Mortgage

646.     Effect of payment of mortgage in general.

When money secured by the mortgage has been discharged, a mortgage, other than a registered charge1, becomes a satisfied term and ceases unless the money was paid by a person having a limited interest in the equity of redemption who requires the mortgage to be kept alive by transfer or otherwise2. Hence there is no need for a reconveyance of freeholds or reassignment of leaseholds; and, although a surrender of the