164 bunyon's life assurance.
ownership, or in fixing the priority of incumbrancers, does not apply j(A
the first charge in point of time will have the priority, unless the second
incumbrancer can obtain a transfer of the legal estate without notice. In-
quiry should however be always made of the trustees, and except upon
the personal integrity of the parties, a purchase or advance upon the se-
curity of property of this description cannot be recommended. The
title-deeds, it will be observed, are generally in the possession of the
tenant for life. The latter remarks apply also to any security made sub-
ject to a prior mortgage in fee. Where a mortgage was made with a
power of sale, and the power was exercised and followed by the bank-
ruptcy of the mortgagor, a preference was given to the assignees over
a second mortgagee, who had neglected to give notice to the first mortga-
gee, (m)



[*244] *CH AFTER VI.
EQUITIES ARISING TROM CONTRACTS OTHER THAN CONTRACTS OF SALE,
OR THE CREATION OP LIENS, BY THE ASSURED.
1. When an insurance has been effected by one party upon the life
of another, the latter independently of any contract has no interest in
the policy. Such a contract may be either express, or implied from the
acts of the parties. In such a case the want of an insurable interest in
the assured, is a circumstance of which the insurers alone are entitled to
take advantage. Its existence 'or absence is unimportant, as regards the
person whose life is assured, except, perhaps in explaining circumstances
from which a contract may be inferred.
