The following Property practice note provides comprehensive and up to date legal information covering:
The mere fact that a creditor accepts further security from the principal debtor does not release a surety. A release of the collateral security will release the surety.
A further charge by a mortgagor is discharged by a statutory receipt endorsed on the principal mortgage referring to the further charge or to the aggregate amount of the mortgage money secured by both deeds.
Where there is:
a principal debtor, and
a surety, and
payment is made by the principal debtor
both mortgages should be discharged by statutory receipt.
Where payment is made by the surety he is entitled to a discharge of his own mortgage and a transfer of the mortgage of the principal debtor.
However, where there are not separate mortgages eg:
where the principal debtor does not
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