Interest  not  converted

into  Principal        . .  669
Costs  of  . .         . .  669

Devolution 669

Estate  and  Debt         . .  669
Where  Equity  of  Re-
demption barred     . .  669
Effect  of  Sanhruptcy  .  669


Equities  of  mort-
gagor.
Transferee,  wlieu
bound  by  pay-
ments by  mort-
gagor.
Want  of  con-
sideration in  ori-
ginal mortgage.
Assignment  of
debt.
Purcliase  for  less
than  amount  of
debt.
Transfer.]  In  transfers  of  mortgages  to  which  the  mort-
gagor is  not  a  party,  the  transferee  will  be  subject  to  the
same  equities  of  the  mortgagor  as  the  mortgagee.  Chambers
V.  Goldwin,  9  Ves.  264;  Walker  y.  Jones,  L.  R.,  1  P.  C.
50.  The  transferee  will  be  bound,  therefore,  by  the  state
of  the  account  between  the  mortgagor  and  mortgagee
{Matthews  v.  Wallwyn,  4  Ves.  118);  and  if  the  mortgagor
has  no  notice  of  the  transfer,  he  will  be  justified  in  paying
to  the  mortgagee.  Williams  v.  Sorrell,  ib.  389.  These
cases  must  be  understood  as  qualifying  the  observation  of
the  Master  of  the  Rolls  in  Jones  v.  Gibbons  (9  Ves.  411),
"  that  he  who  has  the  estate  has  the  debt,  as  the  estate  never
can  be  taken  from  him  except  by  payment  of  the  debt."
Payment,  however,  to  be  good  against  the  transferee,  must
be  made  to  the  mortgagee  himself  or  his  authorized  agent
only;  payment  even  to  his  solicitor,  if  unauthorized  to  re-
ceive the  money,  is  no  discharge  as  against  the  transferee.
Withington  v.  Tate,  L.  R.,  4  Ch.  288.
