While in possession1 a mortgagor2 of land3 has statutory power as against every incumbrancer4 to make from time to time any such lease5 of the mortgaged6 land, or any part of it, as is authorised by statute7. Also, while in possession a mortgagee8 of land has a similar statutory power as against all prior incumbrancers, if any, and as against the mortgagor, to make authorised leases of the mortgaged land or any part of it9. Every person exercising these powers may execute all necessary assurances10. For this purpose, 'mortgagor' does not include an incumbrancer deriving title under the original
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