467. Mortgagee cannot sell to himself.

(viii)     Who May Purchase

467.     Mortgagee cannot sell to himself.

A mortgagee cannot sell to himself, either alone or with others, nor to a trustee for himself1. Unless there are different persons filling the positions of vendor and purchaser the transaction is not a sale at all, and is not an exercise of the power. The interposition of a trustee does not affect the substance of the transaction2. The same principle prevents a sale to an agent, solicitor3 or employee acting for the mortgagee in the matter of the sale4; consequently, on a sale by a building society