417. When mortgagee becomes entitled to rents and profits.

(iv)     Rights of the Mortgagee in Possession

a.     Right to Rent and Benefit of Covenants

417.     When mortgagee becomes entitled to rents and profits.

So long as the mortgagee allows the mortgagor to remain in possession, the mortgagor, if in occupation, takes the profits of the land and, if the property is let, takes the rents, in either case for his own use and without liability to account to the mortgagee1. The mortgagee, however, on going into possession is entitled to take the rents and profits by virtue of the legal or equitable ownership which