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Reassignment
On repayment of the mortgage the mortgagor has the right to have the mortgage reassigned at his expense. Many banks have the reassignment papers printed on the back of the mortgage document so that they simply need signing and dating at the appropriate time.
Section 115 of the law of property Act 1925 provides that after 31 st December 1925 a repayment receipt from the mortgagee for the mortgage monies is sufficient for the mortgagor to recover the property. If this statutory receipt is provided then no reassignment is necessary. A formal reassignment must be executed if requested by the mortgagor.
When repayment is completed the mortgagee will deliver up any legal title documents held by them such as the life policy.
Claims under a mortgaged policy
When a claim occurs under a mortgaged life insurance policy the life office will pay the claim to the mortgagee subject to proof of title, production of the life policy and mortgage deed.
If the life office has received notice of more than one mortgage it will be necessary for the life office to ascertain the priority of the mortgages. Payment will normally be made to the mortgage gaining priority of claim under the doctrine of notice. It is often wise to inform the other mortgagee of the payment. Prior mortgagees can apply to the first priority mortgagee for the balance of payment after the first debt has been satisfied.
The life office will pay the whole of the claim to the mortgagee even if the amount of debt it covers is less than the amount of claim to be paid. This is because the mortgagee holds legal title over the policy. The mortgagee repays the loan and any outstanding interest and then settles the balance with the mortgagor. The life office is not interested in the equitable interest in a legal mortgage (section 113 of the Law of Property Act 1925). The mortgagee is a trustee and has legal power under section 107 to give good discharge to the life office. The mortgagee acts as trustee for any balance owed to the mortgagor.
Where a request for surrender is submitted by the mortgagee the life office can accept the sole discharge of the mortgagee and does not need to consider if that power is being properly exercised. However this stance would not legally stand where the life office had reason to believe that the mortgagee was not exercising its powers correctly (Selwyn v Garfit 1888).
If both mortgagor and mortgagee join in the discharge for surrender then the problem does not arise.