479. General statutory powers to appoint a receiver.

The mortgagee1 has statutory power, when the mortgage money2 has become due, to appoint a receiver of the income of the mortgaged property or of any part of it3. If a mortgaged property consists of an interest in income or of a rentcharge4 or an annual or other periodical sum, a receiver may be appointed of that property or any part of it5. The statutory power may be excluded6 or varied or extended by the mortgage deed7. It is now usually varied to remove the statutory restrictions and to give extensive powers to the receiver

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