650. When statutory receipt available.

650.     When statutory receipt available.

A statutory receipt can generally be used for mortgages1, except bills of sale2, and registered charges3. Personal property is, however, usually mortgaged by assignment, and on payment off is reassigned by deed or instrument under hand. Where stock has been mortgaged by joint mortgagors, the reassignment must be to or at the direction of all; otherwise the mortgagee will be liable for any loss thereby arising4. A statutory mortgage5 may be surrendered or discharged by the prescribed form of receipt6.

The discharge of