113Subsequent mortgagees may redeem prior mortgages etc.

113 Subsequent mortgagees may redeem prior mortgages etc. (1) If the money secured by a mortgage falls due and the mortgagee requires payment of the money, it is lawful for any other mortgagee of the same property to tender and pay to the mortgagee requiring the payment the money due on the mortgage. (2) On the payment of money under subsection (1), the mortgagee making the payment is entitled to a transfer of the interest of the mortgagee requiring the payment.