As regards dealings with the mortgage debt subsequent to the creation of the mortgage, the rule that the transfer is subject to outstanding equities1 applies, and the transferee of the mortgage takes it, when the mortgagor is not party to the transfer, subject to the state of accounts then subsisting between the mortgagor and mortgagee2. He must at his peril inquire what is due on the mortgage, and, if all or part of the principal has been paid off by the mortgagor or has been discharged by receipt
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