488. Mortgagee or chargee of freeholds or leaseholds.

Where freeholds are mortgaged, whether by demise or legal charge1, a first mortgagee2 has the same right to possession of documents as if his security included the fee simple3; and where leaseholds are mortgaged, whether by sub-demise or legal charge4, a first mortgagee has the same right to possession of documents as if his security had been effected by assignment5. A legal mortgagee who omits to inquire for the title deeds may be postponed to an earlier or subsequent incumbrancer