Effect of advance on joint account

(1) Where, (a) in a mortgage, or an obligation for payment of money, or an assignment of a mortgage or of such an obligation, the sum or any part of the sum advanced or owing is expressed to be advanced by or owing to more persons than one out of money, or as money, belonging to them on a joint account; or 55 (b) a mortgage, or such an obligation, or such an assignment is made to more persons than one jointly, the mortgage money, or other money or money’s worth, for the time being due to those persons on the mortgage or obligation shall, as between them and the mortgagor or obligor, be deemed to be and remain money or money’s worth belonging to those persons on a joint account, and the receipt in writing of the survivors or last survivor of them, or of the personal representative of the last survivor, shall be a complete discharge for all money or money’s worth for the time being due, notwithstanding any notice to the payer of a severance of the joint account. (2) This section shall apply if and so far as a contrary intention is not expressed in the mortgage, obligation or assignment, and has effect subject to the terms of the mortgage, obligation or assignment, and to the provisions therein contained.