447. Effect of conveyance by mortgagee by demise.

447.     Effect of conveyance by mortgagee by demise.

On a sale by a mortgagee by demise1 of an estate in fee simple, the conveyance by the mortgagee operates to vest the fee simple in the purchaser2, and the mortgage term or the charge by way of legal mortgage3 and any subsequent mortgage terms or charges merge or are extinguished as respects the land conveyed4. The conveyance, under a mortgage of freeholds, has the same statutory operation whether it is made under an express power of sale or under the statutory power5.

Thus it is sufficient for the mortgagee