Where a trustee or other fiduciary owner mortgages the trust estate, a covenant by a trustee to pay out of a trust fund may prevent a personal liability being implied1, but whether a trustee's liability has been limited and to what extent is a question of construction, to be decided on the usual principles2. A trustee is under no obligation to exclude the statutory power of sale which is an implied provision in every mortgage3, but he may not insert a consolidation clause extending to mortgages other
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