517. Assignee of right takes subject to equities.

As the right of consolidation1 is an equitable right, the ordinary incidents of equitable rights attach to it. Consequently, the mortgagee's assignee stands in no better position than his assignor; and if, by arrangement between the assignor and a subsequent incumbrancer, the assignor has waived his right of consolidation, the right is not exercisable by the assignee