450. Effect of conveyance by mortgagee by legal charge.

Where the mortgage is created by charge1 by deed expressed to be by way of legal mortgage, the mortgagee2 has the same statutory power of sale as if the mortgage were by demise3. There is in this case, however, no term which requires to be merged in the freehold or leasehold reversion, and it is provided that the conveyance by the mortgagee is to operate, as in the case of a mortgage by demise, to vest in the purchaser the fee simple or the lease, and the legal charge is extinguished