Mode of protecting mortgage security

(1) The legal estate, right or interest of the mortgagor in any property shall, notwithstanding a mortgage thereon, continue to be vested in him, and the mortgagee shall take no estate in the property mortgaged, but shall have as his security a charge on the property and a right to an order for sale of the property in order to recover the mortgage money together with all costs, charges and expenses of the application for that order. (2) The mortgagee shall not be entitled, except by special agreement in writing between himself and the mortgagor, to have possession of the mortgaged property or the custody of the documents of title relating to the mortgaged property, but shall have the right upon breach of some covenant contained in the mortgage deed or some provision of this Part to apply to the court for an order for sale under this Part. 46