437. Mortgagee's statutory power to cut and sell timber.

437.     Mortgagee's statutory power to cut and sell timber.

A mortgagee in possession has statutory power to cut and sell timber and other trees ripe for cutting and not planted or left standing for shelter or ornament, and he may contract for any such cutting and sale, to be completed within any time not exceeding 12 months from the making of the contract1. The power may, however, be varied or excluded by the mortgage deed2, and in certain cases a felling licence may be necessary3. The proceeds of any such cutting or sale