Section 82 — Property Law Act 2007: Effect of advance on joint account

82 Effect of advance on joint account (1) This section applies if— (a) an instrument provides that all or part of the amounts secured by a mortgage over property or owing under an unsecured obligation have been advanced by, or are owing to, 2 or more persons as amounts belonging to them on joint account; or (b) a mortgage or unsecured obligation is given to, or acquired by, 2 or more persons jointly and not in shares. (2) The amounts or other benefits for the time being due to the persons under the mortgage or obligation belong to them, and continue to belong to them, on joint account. (3) The written receipt for all amounts or other benefits for the time being due under the mortgage or obligation is a complete discharge if it is given by— (a) the survivors or the last survivor of the persons referred to in subsection (1)(a) or (b); or (b) the administrator of the last survivor of those persons; or (c) the assignee of the survivors or of the last survivor of those persons. (4) Subsection (3) applies even if the payer has notice of the severance of the joint account. (5) The persons referred to in subsection (3) may exercise the powers conferred by the mortgage or obligation to the same extent and with the same effect as if the mortgagees or obligees had exercised the powers. (6) This section has effect subject to any contrary intention expressed or implied in an instrument. Compare: 1952 No 51 s 80