Discharge of mortgages by receipt indorsed.

(7.) A receipt under the hands of the trustees, in the form (4) contained in the Third Schedule to this Act, or in any form specified by the rules of the society or registered page 25 branch or any Schedule thereto, for all moneys secured to the society or registered branch by any mortgage or other assurance, such receipt being indorsed upon or annexed to such mortgage or other assurance, vacates the same, and vests the property therein comprised in the persons entitled to the equity of redemption of the same, without reconveyance or resurrender.