438. General rule as regards mortgagee's liability for waste.

A mortgagee who formerly took the legal estate in fee simple became the absolute owner at law, and hence could not strictly commit waste1, and a mortgage by demise under the present law2 is expressed to be without impeachment of waste3. In equity the mortgagee is subject to the rule that he must on redemption give back the property unimpaired, and, therefore, unless his security is deficient, he may not destroy any part of the inheritance. If he does so, he must make good the loss to the mortgagor in taking the accounts