648. Ordinary receipt given by the mortgagee.

(ii)     Forms of Receipt and Discharge

648.     Ordinary receipt given by the mortgagee.

A receipt given by the mortgagee or his successor in title for all principal, interest and costs is sufficient evidence that all money secured by the mortgage has been paid and that the mortgagee or his successor in title has no further interest in or claim against the mortgaged property. This is so whether the mortgage is a legal mortgage, by demise or legal charge, or an equitable mortgage1. Usually, however, the receipt is given in the form which is known as a