766. Effect of institution of administration proceedings by mortgagee.

766.     Effect of institution of administration proceedings by mortgagee.

Where the mortgagee, instead of relying on his security only, institutes a suit for the administration of the mortgagor's estate, he subjects himself to the ordinary rule in administration that the costs of all necessary and proper parties are a first charge upon the estate1, and consequently these costs, including the expenses of sale, rank before the mortgage2. If, however, the mortgagee institutes a suit to realise his security, and also for administration of the mortgagor's estate with a view to realising any deficiency out of