Section 482: Procedures to be fulfilled in paying and collecting principal and interest

The following procedures shall be fulfilled in paying and collecting interest:

(a) If the debtor repays the whole of the principal and interest, the creditor shall sign and return the deed on transaction to the debtor by tearing out the deed or indicating on its space or reverse side that the loan has been repaid,

(b) If the deed is not found at the time of repayment of the principal and interest pursuant to clause (a), the creditor shall give the debtor a receipt indicating the receipt of the particular amount on the particular date.

(c) In repaying some amount out of the principal and interest, the creditor shall indicate on the reverse side of the deed how much he or she has received from the debtor on which date and get the debtor to sign the deed and issue a separate receipt of the amount accordingly if the deed is not found immediately or it is not with the creditor for the time being.