Implied covenants, joint and several

(1) In a deed of mortgage, or of transfer of mortgage under this Act, where more persons than one are expressed to charge as mortgagors, or to join as covenantors, every implied covenant on their part shall be deemed to be a joint and several covenant by them. (2) Where there are more mortgagees or more transferees than one, every implied covenant with them shall be deemed to be a covenant with them jointly, unless the amount secured is expressed to be secured to them in shares or distinct sums, in which latter case every implied covenant with them shall be deemed to be a covenant with each severally in respect of the share or distinct sum secured to him.