406. Mortgagee's right of entry arising on default of payment on demand.

406.     Mortgagee's right of entry arising on default of payment on demand.

Where the mortgagee's right of entry is to arise only on default in payment of the mortgage debt on demand, such time as may be required should be allowed for compliance with the demand before the mortgagee enters1. If a mortgagee of goods seizes them too soon, the mortgagor recovers as damages, not the value of the goods, but the value of his interest in them2; but a premature taking of possession does not prevent the mortgagee from taking possession in due time