88Effect of conveyance on sale by mortgagee by sub‑demise

88 Effect of conveyance on sale by mortgagee by sub‑demise If under a mortgage deed by sub-demise a leasehold nominal reversion consisting of a term of years absolute or any part of such term is held in trust for the mortgagee or would on a sale be held in trust for a purchaser from him then on a sale by the mortgagee the conveyance (made after the thirty-first day of December One thousand nine hundred and eighteen) shall operate to convey not only the mortgage term but also (unless expressly excepted) the aforesaid nominal reversion, and the mortgage term and any subsequent mortgage term shall subject to any express provision to the contrary contained in the conveyance merge in the leasehold reversion. No. 3754 s. 89.