The form of the mortgage transfer, whether it is in full terms or in short terms authorised by the Law of Property Act 1925, 1varies according as to whether the mortgagor is or is not a party, and may vary according as to whether he has or has not created a subsequent incumbrance. It is desirable for the mortgagor to be a party in order that he may be bound by the recital as to the state of the mortgage debt, and he usually enters into a new covenant with the transferee for payment of the mortgage debt and
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