Sec. 49-17. Foreclosure by owner of debt without legal title.
Sec. 49-17. Foreclosure by owner of debt without legal title. When any mortgage
is foreclosed by the person entitled to receive the money secured thereby but to whom
the legal title to the mortgaged premises has never been conveyed, the title to such
premises shall, upon the expiration of the time limited for redemption and on failure of
redemption, vest in him in the same manner and to the same extent as such title would
have vested in the mortgagee if he had foreclosed, provided the person so foreclosing
shall forthwith cause the decree of foreclosure to be recorded in the land records in the
town in which the land lies.
(1949 Rev., S. 7198.)
Failure to produce mortgage, if it is admitted in the pleadings, held of no consequence. 81 C. 422.
Section provides avenue for holder of note to foreclose on property when mortgage has not been assigned to him. 75
CA 791. Statute codifies common law principle of long standing that "the mortgage follows the note", pursuant to which
only note's rightful owner has right to enforce the mortgage. 95 CA 390.