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(1) Where a registered mortgage is discharged, the Registrar shall, on the production of the mortgage with a receipt for the mortgage money endorsed and attested, make an entry in the relevant register to the effect that the mortgage has been discharged.

(2) On that entry being made, the interest, if any, which passed to the mortgagee shall vest in the person in whom, having regard to intervening acts and circumstances, if any, the interest would have vested if the mortgage had not been made.