704. Taking substituted security.

704.     Taking substituted security.

Where it is contended that the benefit of a security has been waived by the acceptance of another security in its place, it is for the owner of the estate to show that it was discharged by the taking of the new security and not for the creditor to disprove the substitution of the new security for the old1. The mere acceptance of a personal security for interest in arrear, or other charge whether express or implied, is therefore not a waiver of the original security, even if a receipt is given for