Assignment of mortgagee

(1) A deed executed by a mortgagee purporting to assign his mortgage or the benefit thereof shall, unless a contrary intention is therein expressed, and subject to any provisions therein contained, operate to assign to the assignee, (a) the right to demand, sue for, recover and give receipts for, the mortgage money or the unpaid part thereof, and the interest then due, if any, and thenceforth to become due thereon; and (b) the benefit of all securities for the same, and the benefit of and the right to sue on all covenants with the mortgagee, and the right to exercise all the powers of the mortgagee. (2) In this section, “assignee” includes his personal (3) An assignment of mortgage shall be made, (a) in the case of registered land, in such form as may be prescribed under the General Registry Act, Cap. 327; and (b) in the case of unregistered land in a similar form with such modification as in any case may be required. 57 (4) This section shall not extend to an assignment of a bill of sale of chattels by way of security.