329. General power of disposition inter vivos.

In as much as the mortgagor after the mortgage is created retains an estate or interest in the mortgaged property1, he can sell, mortgage or otherwise dispose2 of it during his life, or dispose of it by will3. A mortgagor beneficially entitled to possession of property for a long term of years capable of enlargement can enlarge the term into a fee simple notwithstanding the incumbrances on the term which upon enlargement will affect the fee simple so created