499. To whom title deeds delivered.

(iv)     Delivery of Title Deeds on Extinguishment of Mortgage Debt

499.     To whom title deeds delivered.

On being paid off, the mortgagee delivers the title deeds to the mortgagor, or, if he has notice of other incumbrancers, to the incumbrancer ranking next after himself1, but he is not liable for delivering them to the person not having the best right to them unless he has notice of the right or claim of a person having a better right2. As registration of a later mortgage as a land charge is notice to all the world