308. Judgment creditors' interest in the equity of redemption.

308.     Judgment creditors' interest in the equity of redemption.

A judgment creditor who obtains a charging order1 is in the same position to redeem as a subsequent incumbrancer2. Every judgment creditor to whom the land of his mortgagor has been actually delivered in execution by registration of the order appointing a receiver3 has an interest in the equity of redemption4. He can redeem prior incumbrances, and is a necessary party to foreclosure and redemption5.