433. Mortgagee's liability to subsequent incumbrancer.

If he has surplus rents in hand after satisfying his interest, the mortgagee in possession can pay them to the mortgagor, provided that he has received no notice of any subsequent incumbrance, and neither he nor the mortgagor is liable to account for them to a subsequent incumbrancer1. This is in accordance with the rule that the mortgagor is not bound to account for rents which the mortgagee allows him to receive2. The rule applies to a mortgage for a term3 and of a life estate4, and notwithstanding that a receiver is in possession appointed otherwise than on the