297. Statutory leases granted after the mortgage.

297.     Statutory leases granted after the mortgage.

The statutory power of leasing1, if not excluded2, enables the mortgagor to create a term out of the estate of the mortgagee so as to convert that estate into one expectant on the term granted by the lease3. The mortgagee is bound by a lease thus made by the mortgagor4 so long as the statutory requirements are complied with5 and, on giving notice to the lessee to pay the rent to him, and on default by the lessee, he can sue for it