The mortgagee under a legal mortgage of freehold has a term of years or a legal interest instead of the fee simple estate, and the fee simple is in the mortgagor1. The vesting of the fee simple in the mortgagee on foreclosure is effected automatically in the case of unregistered land2; the foreclosure order absolute operates to vest the fee simple in the mortgagee, subject to any legal mortgage having priority, and the mortgage term, if any, merges in the fee simple, any subsequent mortgage term or legal charge being extinguished3.
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