By carrying on the business the mortgagee does not render himself liable on the existing contracts of the business1 unless he adopts them so as to effect a novation2, but he is personally liable on any new contracts into which he enters3. He becomes owner of the business, and stands, as regards his powers, in the mortgagor's place4. The power may be exercised although the consequences are disadvantageous to the mortgagor5. The mortgagee is not, however, obliged to appoint a receiver
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