253. Effect of sub-mortgage by transfer.

253.     Effect of sub-mortgage by transfer.

During its continuance, a sub-mortgage by transfer will place the sub-mortgagee in the position of a transferee of the original mortgage because a deed of transfer operates to transfer the original mortgage debt, the benefit of all securities for it and the mortgagee's estate in the mortgaged property1. The transfer of the benefit of all securities includes the power of sale, and this suspends the original mortgagee's power of sale during the continuance of the sub-mortgage2. Subject to any stipulations contained in the sub-mortgage, the sub-mortgagee may call in the original