404. Right of legal mortgagee or chargee to possession.

Where a legal mortgage has been created, whether by demise or by legal charge1, and no provision is made for retention of possession by the mortgagor2, the mortgagee is entitled as against the mortgagor to immediate possession3 or receipt of the rents and profits4 at any time after the execution of the mortgage; and equity does not interfere5, notwithstanding that there has been no default on the mortgagor's part6, or that a bill of exchange has been given for the debt7, or that considerable time has elapsed, provided a claim for possession is not statute-barred8