A transfer by deed of the mortgage1 or the benefit of it operates to convey collateral securities for the mortgage debt unless a contrary intention is expressed2. If the mortgagee holds a negotiable instrument as collateral security and, after a transfer of the mortgage alone for full value, he indorses the instrument to a holder for value in good faith, the holder is able to recover on the instrument3. Unless the transferor has agreed to hold the securities for the transferee he will, on being paid off
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