A mortgagee is able to pursue all his remedies at one and the same time, or separately, as he may think proper.

mortgagee

gagor's

A mortgagee of a reversionary interest is entitled to the common decree of foreclosure, and there is no rule compelling him to submit to a decree for sale. (Wayne v. Hanham, 20 L. J. 530, N. S. Ch.) On the bankruptcy of the mortgagor the mort- Powers of gagee may apply to the Court of Bankruptcy for a on mortsale under the petition, and so far as the estate is bankruptcy. insufficient for the payment of the mortgage debt he may prove for the deficiency. If the mortgage contains a power of sale, the mortgagee may either exercise the power, or waive the power reserved by the deed and come to the Court for a sale in his general character as mortgagee. (In Ex parte Hodgson, 1 Gl. & J. 12.) But the assignees are the proper persons to conduct a sale under the general order in bankruptcy, and not the mortgagee. (Ex parte Cuddon, 3 M. D. & D. 302, V. C. K. B.)

rity extends

advances.

Under a mortgage to secure a certain sum and Where secufuture advances, it is never prudent to make an to future advance to the mortgagor after receiving notice of a second incumbrance. (Gordon v. Graham, 2 Eq. Cas. Abr. 598; Shaw v. Neale, 3 W. R. 350). When the mortgage deed contains no provision for making the security extend to future advances, as well as to the sum advanced at the time or previously due, the security would certainly not extend to an advance made to the mortgagor after the date of the mortgage, in the absence of an express agreement between the parties at the time that the

Mortgagor when entitled

to redeem.

Mortgagee, when entitled

to tack.

Trustee Act.

security shall extend to the further advance. (Ex parte Hooper and others, 1 Mer. 7).

If one mortgagor make two separate mortgages to the same mortgagee to secure different debts, the rule in equity is, that the mortgagor shall not be enabled to redeem one mortgage without redeeming the other, assuming that the time has arrived for redeeming both the mortgages. (5 Jar. Con. by Sweet, 436, 437).

A third mortgagee, without notice of the second incumbrance, is entitled, by getting in the first mortgage, to tack the first to his second mortgage as against the mesne incumbrance (1 Ch. Ca. 201.), and an unsatisfied mortgagee may arrange the priorities as he may think proper; but when the sum due on the first mortgage is satisfied, and the first mortgagee is only a trustee of the legal estate, he would at his peril convey the legal estate to a third mortgagee, should he at the time have notice of the second mortgage. (2 Vern. 271; Willoughby v. Willoughby, 1 T. R. 763).

Provisions of By the Trustee Act, 1850 (13 & 14 Vict. c. 60. s. 19.), it is provided, that when any person to whom any lands have been conveyed by way of mortgage shall have died without having entered into the possession, or into the receipt of the rents and profits thereof, and the money due in respect of such mortgage shall have been paid to a person entitled to receive the same, or such last mentioned person shall consent to an order for the reconveyance of such lands, then in any of the following cases it shall be lawful for the Court of Chancery

to make an order vesting such lands in such person or persons in such manner and for such estate as the Court shall direct (that is to say),

When an heir or devisee of such mortgagee shall be out of the jurisdiction of the Court of Chancery or cannot be found.

When an heir or devisee of such mortgagee shall upon a demand by a person entitled to require a conveyance of such lands, or a duly authorized agent of such last mentioned person, have stated in writing that he will not convey the same, or shall not convey the same for the space of twenty-eight days next after a proper deed for conveying such lands shall have been tendered to him by a person entitled as aforesaid, or a duly authorized agent of such last mentioned

person.

When it shall be uncertain which of several devisees of such mortgagee was the survivor. When it shall be uncertain as to the survivor of

several devisees of such mortgagee, or as to the heir of such mortgagee, whether he be living or dead.

When such mortgagee shall have died intestate

as to such lands, and without an heir, or shall have died, and it shall not be known who is his heir or devisee.

This section has been held to apply to a case where a mortgagee died intestate without an heir, and on the petition of his executors the Court made an order vesting the legal estate in them. (Re Boden's Trust, 1 De Gex, Mac. & Gor. 57).

Stamps on mortgages.

Mortgages, according to the New Stamp Act, are required to be stamped as follows:

Where the same are made as a security for the payment of any definite and certain sum of money:

Not exceeding £50.

Exceeding £50 and not exceeding £100

£

0 1

S.

d.

3

0 2 6

And where the same respectively are made as a security for the repayment of money to be thereafter lent, advanced or paid, or which may become due upon an account current, together with any sum already advanced or due, or without, as the case may be (other than and except any sum or sums to be advanced for the insurance of any property comprised in such mortgage or security against damage by fire, or to be advanced for the insurance of any life or lives, or for the renewal of any grant or lease upon the dropping of any life or lives, pursuant to any agreement in any deed, whereby any estate or interest held upon such life or lives may be granted, assigned or assured, or whereby any annuity may be granted or secured for such life or lives)

If the total amount of the money secured, or to be ultimately recoverable thereupon, is limited not to exceed a given sum

And if the total amount of the money secured, or to be ultimately recoverable thereupon, shall be uncertain and without any limit, then the same shall be available

}

0 26

The same duty as on

a mortgage or wadset for such limited

sum.

as a security or charge for such an amount
only of money or stock intended to be thereby
secured as the ad valorem duty denoted by
any stamp or stamps thereon will extend to
cover (a).

And where the same respectively shall be
made as a security for the transfer or re-
transfer of any share in any of the govern-
ment or parliamentary stocks or funds, or in
the stock and funds of the Governor and
Company of the Bank of England, or of the
Bank of Ireland, or of the East India Com-
pany, or of the South Sea Company, or of
any other company or corporation, in consi-
deration of stock or money advanced or lent
at the time, or previously due and owing, or
forborne to be paid, being payable

And where any such deed or instrument as aforesaid shall be made respectively as a security for the payment of any rent charge or annuity, or any sum or sums of money by way of repayment, or in satisfaction or discharge, or in redemption of any sum of money lent, advanced or paid as, or for, or in the nature of a loan intended to be repaid, satisfied, discharged or redeemed in manner aforesaid.

The same duty as on
a mortgage or wad-
set for a sum of
money equal to the
value of the stock
or fund secured, ac-
cording to the ave-
rage price thereof
on the day of the
date of the mort-
gage or other in-
strument aforesaid,
or on either of the
ten days preceding,
or if there shall
not have been any
known sale on any
of such days, then
on the latest day
preceding on which
there shall have
been a known sale.

The same duty as on
a mortgage or wad-
set for the sum of
money so lent, ad-
vanced or paid.

A. B. of &c. [mortgagor], of the one part, and C. D. of &c. Parties.

(a) See accordingly Morgan and others v. Pike, (2 W. Rep. 193).