A Series of Letters to a Man of Property On Sales Purchases Mortages Leases
A Series of Letters to a Man of Property On Sales Purchases Mortages Leases
Edward Burtenshaw Sugden
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A mortgagee in possession may appoint a bailiff and receiver, and charge the estate with their sala- ries ; but if he choose to take the trouble on himself he cannot charge for it, not even if the mortgagor agree to make him an allowance, for that would be to give him something beyond his principal and interest. The mortgagee cannot justify committing waste on the estate unless the security is defective, and in that case the waste must be productive of monev, which must be applied in relief of ...the estate ; nor can he enter upon any speculation at the risk of the mortgagor ; therefore, if he open a mine or quarry he must do it at his own risk, and yet the profit from it would be brought into the account against him. He need only keep the estate in necessary repair ; and if he increase the interest in the estate, as by renewing the lives, where the estate is held upon lives, he will be entitled to be repaid the sum advanced, with interest, which will *be considered as an additional charge on the L -I estate.
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