The  court  held  that  a  mortgage  was  but  an  incident  to  the  debt
which  it  was  intended  to  secure,  and  that  a  transfer  of  the  mortgage
without  the  debt  is  a  nullity  and  no  interest  is  acquired  by  It;  "for  the
legal  maxim  is  the  incident  shall  pass  by  the  grant  of  the  principal,
but  not  the  principal  by  the  grant  of  the  incident."  It  was  held  that
it  not  appearing  that  there  was  an  intent  to  assign  the  bond  at  the
time  of  the  delivery  of  the  mortgage,  such  delivery  did  not  amount  to
a  valid  assignment,  and  a  foreclosure  by  the  alleged  assignee  would
not  convey  the  title  of  mortgagor  in  the  property.
".Tones  vs.  Smith,  22  Mich.,  360.
•=Vann  vs.  Marbury,  100  AlaJf  438;  23  L.  R.  A.,  325.
"Watson  vs.  Wyman,  161  Mass.,  J)6.
•nvilson  vs.  Campbell,  110  Mich.,  580;  35  L.  R.  A.,  544.
See  also  Vann  vs.  Marbury,  100  Ala.,  438;  23  L.  R.  A.,  325.
MORTGAGES.  279

of  an  assignment  of  the  mortgage  is  regarded  as  constructive
notice  of  tlie  assignment  to  the  mortgagor.
As  a  general  rule,  the  recording  of  the  assignment  is  only
notice  of  the  assignee's  rights  to  subsequent  purchasers,  and
is  not  constructive  notice  to  the  mortgagor.^'

RIGHTS  OF  ASSIGNEE.
An  assignee  of  a  mortgage  takes  it  subject  to  all  the  rights,
equities  and  infirmities  existing  between  the  original  parties.
This  is  true,  even  though  the  assignee  is  an  innocent  purchaser
for  a  valuable  consideration.""

This  statement  is  subject  to  the  same  exception  heretofore
stated  in  reference  to  mortgages  securing  negotiable  paper.
AS  A  GENERAL  RULE,  THE  BONA  EIDE  ASSIGNEE  FOR
VALUE  OF  A  MORTGAGE  SECURING  A  NEGOTIABLE  NOTE,
BEFORE  THE  MATURITY  OF  THE  NOTE,  WILL  TAKE  IT  FREE
FROM  ALL  EQUITIES  BETWEEN  THE  ORIGINAL  PARTIES.
