48(1)The receipt in writing of a mortgagee is a sufficient discharge for any money arising from a sale under the power of sale conferred by section 44, or for any money or securities comprised in his mortgage, or arising thereunder, and a person paying or transferring the same to the mortgagee need not inquire whether any money remains due under the mortgage.

48(2)Money received by a mortgagee under his mortgage or from the proceeds of securities comprised in his mortgage shall be applied in like manner as in this Act directed respecting money received by him arising from a sale under the power of sale conferred by section 44; but with this variation, that the costs, charges, and expenses payable shall include the costs, charges, and expenses properly incurred of recovering and receiving the money or securities, and of conversion of securities into money, instead of those incident to sale.