The mortgagee is chargeable with whatever he has collected as rents and profits of the mortgaged premises,156 or what he should have received if he had managed the estate as a prudent owner.157

150 Reitenbaugh v. Ludwick, 31 Pa. St. 131; Chapman v. Porter, 69 N. Y. 276; Dawson v. Drake, 30 N. J. Eq. 601; Roonev v. Crary, 11 111. App. 213; Wood v. Whelen, 93 111. 153; Byers v. Byers, 65 Mich. 598, 32 N. W. 831. But he must hold as mortgagee. Daniel v. Coker, 70 Ala. 260; Young v. Omohundro, 69 Md. 424, 16 Atl 120; Ayers v. Staley (N. J. Ch.) 18 Atl. 1046.

151 Hubbell v. Moulson, 53 N. Y. 225; Dailey v. Abbott, 40 Ark. 275; Farris v. Houston, 78 Ala. 250.

152 Weeks v. Thomas, 21 Me. 465; Farris v. Houston, 78 Ala. 250.

153 Gaskell v. Viquesney, 122 Ind. 244, 23 N. E. 791.

154 Strang v. Allen, 44 111. 438.

155 Ruekman v. Astor, 9 Paige (N. Y.) 517; Gelston v. Thompson, 29 Md. 596.

156 Peugh v. Davis, 113 U. S. 542, 5 Sup. Ct. 622; Strang v. Allen, 44 111. 428; Donohue v. Chase, 139 Mass. 407, 2 N. E. 84; Brown v. Bank, 148 Mass. 800, 19 N. E. 382; Van Buren v. Olmstead, 5 Paige (N. Y.) 9; Walsh v. Insurance Co., 13 Abb. Prac. (N. Y.) 33.

157 Harper v. Ely, 70 111. 581; Engleman Transp. Co. T. Longwell, 48 Fed. 129; Montague v. Railroad, 124 Mass. 242.

He may be liable for rents which he has not actually received, by reason of his negligence in leasing to an insolvent tenant, or by employing an incompetent agent.158 A grantee under an absolute deed which is shown to be a mortgage is chargeable only with the reasonable value of the use of the property.159 If the mortgagee himself occupies the premises, he must credit the mortgagor with an amount equal to their fair rental value.160 The damages for any waste committed while the mortgagee is in possession will be credited on the mortgage debt.161 The mortgagee may cut wood or work a mine on the mortgaged premises, if such is a proper mode of enjoying the profits of the estate.162 If he does so, the profits must be accounted for.