376. Statutory transfer of legal charge.

A charge by way of legal mortgage of freehold or leasehold land made by statutory legal charge1 may be transferred by deed expressed to be made by way of statutory transfer in such one of certain statutory forms as may be appropriate with such variations and additions, if any, as the circumstances may require2. A deed of statutory transfer purports to convey and transfer to the transferee the benefit of the mortgage3, and the effect is to vest in the transferee4:

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