18.—(1) Where, in relation to unregistered land within the meaning of the Registration of Title Act, 1964, all moneys secured by a mortgage have been fully paid or discharged, a housing authority shall, and any other mortgagee (not being a building society) may, endorse on or annex to, such mortgage either a reconveyance of the mortgaged property to the owner of the equity of redemption (or to such persons and to such uses as such owner may direct) or a receipt under the seal of the housing authority or other mortgagee (as the case may be).

(2) Where, in relation to registered land within the meaning of the Registration of Title Act, 1964, all moneys secured by a mortgage have been fully paid or discharged, a housing authority shall, and any other mortgagee (not being a building society) may, issue to the registered owner of the land a receipt under the seal of the housing authority or other mortgagee (as the case may be) which shall, for the purposes of section 65 of that Act, be sufficient proof of the satisfaction of the mortgage.

(3) A receipt under this section shall operate to vacate the mortgage and shall, without any reconveyance or re-surrender, vest the estate of and in the property comprised in the mortgage in the person for the time being entitled to the equity of redemption.

(4) Where a mortgage has been registered in the Registry of Deeds established by the Registration of Deeds Act, 1707, the Registrar under that Act shall, on production of a receipt under subsection (1), make an entry opposite the entry of the mortgage to the effect that the mortgage is satisfied and shall grant a certificate (either on the mortgage or separately) to the like effect.

(5) A certificate under subsection (4) shall be received in evidence in all courts and proceedings without any further proof, and an entry under that subsection shall have the effect of clearing the register or record of the relevant mortgage.

(6) F14[…]