367. Nature and form of transfer of mortgage.

The mortgage security consists of the debt and the interest in the mortgaged property by which the debt is secured, and a transfer consists of an assignment of the debt and a conveyance of this interest1.

Unless a contrary intention is expressed in the transfer, and subject to any provisions contained in it, a transfer by deed of the mortgage2 or the benefit of it operates to convey to the transferee3:


    (1)     the right to demand, sue for, recover and give receipts for the mortgage money or the unpaid part of it, and the interest then due, if any, and