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

363.     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