389. Devolution of mortgagee's estate or interest.

It has long been settled that a mortgage security is personal estate, as the mortgagee's principal right is to the money, and his right to the land is only security for the money1. On the mortgagee's death leaving a will, both the mortgage debt and the mortgagee's estate or interest in the mortgaged property, whether it is of freehold tenure or consists of leaseholds or other personal property, vest, in the first instance, in the executors, notwithstanding any disposition in the will, and the executors can exercise the mortgagee's powers under the mortgage2. Hence, provided that the executors have