156. Protection of mortgagee dealing with trustees.

A mortgagee advancing money on a mortgage purporting to be made under any trust or power vested in trustees is not concerned to see that the money is wanted, or that no more than is wanted is raised, or otherwise as to its application1 or to see that the trustees have consulted the beneficiaries and given effect to the wishes of the majority of them2. A mortgagee of unregistered land may be similarly unconcerned as to beneficiaries' rights3, and such a mortgage is not invalidated by any exclusion, limitation or restriction of the trustees' powers unless the mortgagee has