571. Effect of foreclosure order on legal mortgage.

Under a legal mortgage by demise1 the mortgagee becomes absolute owner of the mortgage term at law as soon as the day fixed for redemption is past, and the equity of redemption arises by virtue of the interference of equity to allow the mortgagor to redeem, notwithstanding that his legal right of redemption is gone2. The effect is the same in the case of a legal mortgage created by way of legal charge for, although there is no mortgage term, the mortgagee's rights are enforced in the same way as if a mortgage term had been created, and the