Source: https://chestofbooks.com/real-estate/Real-Property-Interests-Law/Sec-611-The-relation-not-fiduciary.html
Timestamp: 2019-04-23 18:49:20+00:00

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Though the mortgagee has, in those states in which the common-law theory of a mortgage is adopted, the legal title, while the mortgagor has an equitable interest, the reBuckley v. Daley, 45 Miss. 338; Hobart v. Sanborn, 13 N. H. 226, 38 Am. Dec. 483; Drayton v. Marshall, 1 Rice Eq. (S. C.) 373, 33 Am. Dec. 84.
73. See post, Sec. 610.
74. Keech v. Hall, 1 Doug. 21; Barrett v. Hinckley, 124 III. 32, 7 Am. St. Rep. 331, 14 N. E. 863; Doe d. Shute v. Grimes, 7 Blackf. (Ind.) 1; Brastow v. Barrett, 82 Me. 456, 19 Atl. 916; Tryon v. Munson, 77 Pa. St. 250.
75. Allen v. Kellam, 69 Ala. 447; Denby v. Melligrew, 58 Ala. 147; Smith v. Vincent, 15 Conn. 1, 38 Am. Dec. 52; Burr v. Spencer, 26 Conn. 159, 68 Am. Dec. 379; Hall v. Lance, 25 III. 277; Stin-son v. Ross, 51 Me. 556, 81 Am.
Dec. 591 (writ of entry); Woods v Hilderbrand, 46 Mo. 284, 2 Am. Rep. 513; Ellison v. Daniels, 11 N. H. 274 (writ of entry); Den d. Dimon v. Dimon, 10 N. J. L. 156.
76. See post, Sec. 652.
77. McMurphy v. Minot, 4 N. H. 251 (compare Trustees of Donations v. Streeter, 64 N. H. 106); Williams v. Bosanquet, 1 Brod. & B. 238; Farmers' Bank v. Mutual Assur. Soc, 4 Leigh (Va.) 69; Mayhew v. Hardesty, 8 Md. 479.
78. Astor v. Hoyt, 5 Wend. (N. Y.) 603; Johnson v. Sherman, 15 Cal. 287, 76 Am. Dec. 481; McKee v. Angelrodt, 16 Mo. 283. See 1 Tiffany, Landlord & Tenant, Sec. 158a(2) (f).
Apart from the question as to the mortgagee's right to purchase at a tax sale,82 it is generally agreed that he may purchase any outstanding title,83 provided there is no actual lack of good faith on his part towards the mortgagor,84 and he may accordingly purchase at a sale under a prior mortgage, judgment, or other lien.85 This appears to involve merely an application of the principle that there is no relation of trust between the parties.

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