452. Effect of conveyance by sub-mortgagee under statutory power of sale.

The provisions as to the realisation of freehold and leasehold mortgages by sale1 are adapted to freehold and leasehold sub-mortgages2 as follows. In the case of a sub-mortgage by sub-demise of a long term (less a nominal period) itself limited out of an estate in fee simple, the provisions operate as if the derivative term, if any, created by the sub-term had been limited out of the fee simple, and so as to enlarge the principal term and extinguish the derivative term created by the sub-mortgage and to enable the sub-mortgagee to convey the fee simple