364. Mortgagee's right to transfer mortgage.

(2)     Assignment and Devolution

(i)     Transfer of Mortgage

364.     Mortgagee's right to transfer mortgage.

The mortgagee is entitled to transfer his mortgage, and he may do this either absolutely or by way of sub-mortgage1. Where a mortgagor2 is entitled to redeem, he has power3 to require the mortgagee4, instead of reconveying or surrendering, to assign the mortgage5 debt and convey the mortgaged property to any third person, as the mortgagor directs6. However, this power cannot be exercised if the mortgagee is or has been in possession7. After a mortgagee has been in possession, he cannot with