365. Nature and form of transfer of mortgage.

365.     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.  

    (1)     the right to demand, sue for, recover and give receipts for the mortgage money or the unpaid part