468. Later mortgagee may purchase.

468.     Later mortgagee may purchase.

There is no fiduciary relation between co-owners of the equity of redemption so as to prevent one from purchasing the property on his own account from the mortgagee1, and for this purpose a second mortgagee is in the same position as a stranger, and obtains under the purchase a title free from any equity of redemption2. It makes no difference that the second mortgagee is in possession3.