476. Appointment of receiver under express power.

(5)     Appointment of Receiver out of Court

476.     Appointment of receiver under express power.

In order to give the mortgagee the advantages, without the liabilities, of being in possession, a receiver may be appointed at the time of the mortgage and as part of the security, or, more commonly, subsequently under an express power in the mortgage deed. In the former case the appointment is made by the mortgagor with the mortgagee's concurrence either by a separate deed, which can be given to the receiver as evidence of his authority, or in the mortgage deed.