254. Effect of sub-charge by demise or legal charge.

254.     Effect of sub-charge by demise or legal charge.

A sub-charge creates a new mortgage term of 3000 years less one day, rather than effecting a transfer of the original mortgage term1. Whether a sub-charge by demise or legal charge effects a transfer of the rights under the principal charge depends on the terms of the sub-charge2. If the principal mortgagee retains his estate he can take possession notwithstanding the transfer of the right to collect the debt and the grant of the sub-charge; if a sub-charge is granted on terms that it is enforceable