235. Trust of the legal estate.

235.     Trust of the legal estate.

A declaration1 by the mortgagor that he holds the property on trust for the mortgagee enables the mortgagee on exercising the power of sale2 to vest the legal estate in the mortgaged property in himself or a purchaser3. The power of appointment of new trustees4 should be exercisable by the mortgagee and give the mortgagee and those deriving title under him power to remove the mortgagor from the trusteeship and to appoint himself or themselves or any of them as new trustees. On an appointment of new