654. Transfer of benefit of mortgage by statutory receipt.

Where a statutory receipt may be used1 and by the receipt the money appears to have been paid by a person who is not entitled to the immediate equity of redemption2, the receipt operates (save in the case of registered land) as if the benefit of the mortgage3 had by deed been transferred to him4, unless either it is otherwise expressly provided5 or the mortgage is paid off out of capital money or other money in the hands of a personal representative or trustee properly applicable for the discharge of the mortgage, and it is not expressly provided that

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