119Effect of statutory transfer

119 Effect of statutory transfer In whichever of the three forms referred to in the last preceding section the deed of transfer is made, it shall have effect as follows, namely— (a) there shall become vested in the person to whom the benefit of the mortgage is expressed to be transferred (who, with his personal representatives and assigns, is in this section designated the transferee) the right to demand, sue for, recover and give receipts for the mortgage money, or the unpaid part thereof, and the interest then due (if any) and thenceforth to become due thereon, and the benefit of all securities for the same, and the benefit of and the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee; (b) all the term and interest (if any) subject to redemption, of the mortgagee in the mortgaged land shall vest in the transferee, subject to redemption. No. 3754 s. 120.