So far as the security consists of the mortgage debt, it is a chose or thing in action, and is only assignable in accordance with the rule that a transferee of a chose in action takes it subject to any equities and rights of set-off existing between the debtor and the transferor1. As the mortgage of the property is incident to the debt, the same rule extends to this portion of the security, and the transferee can only hold the property as security for repayment of the amount properly
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