The mortgagee may institute foreclosure proceedings so long as he remains entitled to the mortgage. After the mortgagee has assigned the mortgage security, the assignee is entitled to bring the proceedings1, but he is subject to the state of the accounts between the mortgagor and the mortgagee at the date of the transfer, and also to any equities then existing in the mortgagor's favour2. A subsequent mortgagee can sue to foreclose the mortgagor and incumbrancers subsequent to himself3.
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