365. Mortgagee's rights and liabilities dependent on nature of interest.

The mortgagee has the rights and is subject to the liabilities which are incident to the estate vested in him; hence, if he has acquired a legal estate in the premises, he has, in general, all the rights of a legal owner, both as against the mortgagor and as against third persons1, and he is subject to the liabilities which fall on a legal owner2.

In the case of a registered charge3, the registered proprietor or person entitled to be registered as proprietor is entitled to exercise owner's powers4. Owner's powers in relation to a registered charge consist of: