The assignment of the mortgage debt confers upon the assignee the right to sue on the covenant for payment (d).

(z) Ex parte Smith, In re Hildyard, 1842, 2 Mont. D. & DeG. 587.

(a) As to the discharge of the original mortgage in the event of a sub-mortgage having been made, see chapter 19, Discharge or Reconveyance, Sec. 184.

(b) McLean v. Wilkins, 1887, 14 Can. S.C.R. 22.

(c) Pearman v. Hyland, 1862, 22 U.C.R. 202; see also Hall v. Morley, 1853, 8 U.C.R. 584.

(d) See Sec. Sec. 101, 102, supra, and chapter 23, Action on the Covenant, Sec. 223.

The conveyance of the mortgagee's estate confers upon the assignee the right to exercise any power incident to that estate, for instance the right to sue for foreclosure or sale in case of default (e), and the benefit of any covenant running with the land, even though the covenant is not expressly made with the assigns of the mortgagee (f).

Neither the assignment of the mortgage debt nor the conveyance of the land enables the transferee to exercise a mere personal power relating to the land, for instance, a power of sale (g) or a license to distrain (h), unless the mortgage provides that such power may be exercised by the assigns of the mortgagee (i).

Collateral securities for the mortgage debt must be assigned expressly; they do not pass under general words giving the transferee the benefit of the mortgage security. Unless the transferor has agreed to hold them for the transferee, he will, on being paid off in full by the transferee, hold them in trust for the mortgagor (j).

In Saskatchewan it is provided by the Land Titles Act as follows (k):

Upon the registration of a transfer of a mortgage, encumbrance or lease the interest of the transferor as set forth in such instrument with all rights, powers and privileges thereto appertaining shall pass to the transferee; and the transferee shall thereupon become subject to the same liabilities as if named in the original instrument as mortgagee, encumbrancee or lessee to the extent of the interest transferred.

(e) See Sec. Sec. 101 and 102, supra, and chapter 24, Action for Foreclosure or Sale, Sec. 233.

(f) For a discussion of covenants running with the land, see Armour, Real Property, 2nd ed., pp. 379 ff.

(g) See chapter 31, Sale under Power of Sale, Sec. 336.

(h) See chapter 33, Attornment and Distress, Sec. 361.

(i) In a well drawn mortgage care will be taken to provide, either by a general clause or by the terms of the particular power, that the power may be exercisable by the assigns of the mortgagee.

(j) 21 Halsbury, Laws of England, p. 172, citing Glasscock v. Balls, 1889, 24 Q.B.D. 13.

(k) Sask. statutes, 1917 (2nd sess.), c. 18, s. 124.

By virtue of every such transfer the right to sue upon any mortgage or other instrument and to recover the amount transferred or damages, and all the interest of the transferor in such amount or damages, shall vest in the transferee. Nothing herein contained shall prevent the court from giving effect to any trusts affecting such amount or damages, in case the transferee holds the same as trustee for another person.

The Land Titles Acts of Alberta and the Northwest Territories and the Real Property Act of Manitoba contain substantially similar provisions (l).

The Land Titles Act of Ontario provides (m) that the transfer of a charge when registered, shall confer upon the transferee the ownership of the charge free from any unregistered interests therein, that every charge shall be subject to the state of account upon the charge between the chargor and the chargee (n), and the transferor shall be deemed to remain owner of such charge until the name of the transferee is entered on the register in respect thereof.

(l) Alta. statutes, 1906, c. 24, ss. 67, 68; R.S.C. 2906, c. 110, ss. 106, 107; R.S.M. 1913, c. 171, ss. 110, 111.

(m) R.S.O. 1914, c. 126, s. 54.

(n.) See Sec. 104, supra.