The effect of subrogation to a security is that the relations between the claimant and a defendant who would otherwise be unjustly enriched are regulated as if the benefit of the security had been assigned to him1. The claimant is not to be treated as an assignee in relation to someone who would not be unjustly enriched2.
A claimant is entitled to enforce the subrogated security to recover payment of the secured debt which was discharged together with interest at the rate, compounded if appropriate, which would have been payable under it3 up to the rate which the claimant agreed
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