125 Flagg v. Flagg, 11 Pick. (Mass.) 475. And see Hartshorn v. Hubbard, 2 N. H. 453; Flanders v. Lamphear, 9 N. H. 201; Lamb v. Foss, 21 Me. 240.
126 Wakeman v. Banks, 2 Conn. 445.
127 Morse v. Whitcher, 64 N. H. 590, 15 Atl. 217; Great Falls Co. v. Worster, 15 N. H. 412.
12 8 l Jones, Mortg. (5th Ed.) § 670.
129 Insurance Co. v. Stinson, 103 U. S. 25; Carpenter v. Insurance Co., 16 Pet. 495; Stephens v. Insurance Co., 48 111. 327; Illinois Fire Ins. Co. v. Stanton, 57 111. 354.
130 strong v. Insurance Co., 10 Pick. (Mass.) 40.
131 Waring v. Loder, 53 N. Y. 581.
132 Wheeler v. Insurance Co., 101 U. S. 439; In re Sands Ale Brewing Co.. 3 Biss. 175, Fed. Cas. No. 12,307; Cromwell v. Insurance Co., 44 N. Y. 42; Wattengel v. Schultz, 11 Misc. Rep. 165, 32 N. Y. Supp. 91; Carter v. Insurance Co., 8 Paige (N. Y.) 437; Miller v. Aldrich, 81 Mich. 408; Ames v. Richardson, 29 Minn. 330, 13 N. W. 137.
133 Carter v. Insurance Co., 8 Paige (N. Y.) 437; Columbia Ins. Co. of Alexandria v. Lawrence, 10 Pet. 507; Mcdonald v. Black, 20 Ohio, 185; Ryan t. Adamson, 57 Iowa, 30, 10 N. W. 287; Plimpton v. Insurance Co., 43 Vt 497; Nichols v. Baxter, 5 R. I. 491.
134 Springfield Fire & Marine Ins. Co. v. Allen, 43 N. Y. 389.
135 Hazard v. Draper, 7 Allen (Mass.) 267.
136 Waring v. Loder, 53 N. Y. 581.
137 Fergus v. Wilmarth, 117 I1l 542, 7 N. E. 508; Gordon v. Bank, 115 Mass. 588.
138 Powers v. Insurance Co., 136 Mass. 108; Judge v. Insurance Co., 132 Mass. 521; Conover v. Insurance Co., 3 Denlo (N. Y.) 254; Aurora Fire Ins. Co. v. Eddy, 55 111. 213; Hartford Fire Ins. Co. v. Walsh, 54 111. 164; Loy v. Insurance Co., 24 Minn. 315. Otherwise In some states when the mortgage is by deed absolute. Western Massachusetts Ins. Co. v. Riker, 10 Mich. 279. And see Foote v. Insurance Co., 119 Mass. 259; Tomlinson v. Insurance Co., 47 Me. 232.
139 Edmands v. Insurance Co., 1 Allen (Mass.) 311.
140 Carpenter v. Insurance Co., 16 Pet. 495; Westchester Fire Ins. Co. v. Foster, 90 111. 121; Aetna Fire Ins. Co. v. Tyler, 16 Wend. (N. Y.) 385. So a the amount of his lien, if that does not exceed the value of the mortgaged property.141 This interest continues after an assignment of the mortgage and the mortgage debt, if he is liable to the assignee, as by an indorsement of the note.142 If the mortgagee insures, he cannot charge the premiums paid to the mortgagor,143 unless the latter has covenanted to insure, and has failed to do so;144 nor can he charge the premiums to the mortgagor, when he insures only his own interest.145 When the insurance is of the mortgagee's interest, the loss is payable, whether the property remaining is sufficient security for the mortgage debt or not.146 But the insurer is subrogated to the rights of the mortgagee, to the amount of the loss.147 In such case the insurance, of course, is of no benefit to the mortgagor.148 When the insurance is in the name of the mortgagor, or is taken out by him for the benefit of the mortgagee, the insurer has no right to subrogation.149
119. A mortgagee, or his assignee, in possession, must account to the mortgagor.
Trustee under a deed of trust has an insurable interest. Dick v. Insurance Co., 81 Mo. 103.
141 Excelsior Fire Ins. Co. v. Royal Ins. Co., 55 N. Y. 843; Sussex Co. Mut Ins. Co. v. Woodruff, 26 N. J. Law, 541.
142 Williams v. Insurance Co., 107 Mass. 377.
143 Faure v. Winans, Hopk. Ch. (N. Y.) 283.
144 Fowley v. Palmer, 5 Gray (Mass.) 549; Garza v. Investment Co. (Tex. Civ. App.) 27 S. W. 1090.
145 1 Jones, Mortg. (5th Ed.) § 414.
146 Kernochan v. Insurance Co., 17 N. Y. 428, 435; Excelsior Fire Ins. Co. v. Royal Ins. Co., 55 N. Y. 343.
147 Norwich Fire Ins. Co. v. Boomer, 52 111. 442; Foster v. Van Reed, 70 N. Y. 20; Bound Brook Mut Fire Ins. Ass'n v. Nelson, 41 N. J. Eq. 485, 5 Atl. 590; Concord Union Mut. Fire Ins. Co. v. Woodbury, 45 Me. 447.
148 White v. Brown, 2 Cush. (Mass.) 412; Ely v. Ely, 80 III 532; Stinch-fleld v. Milllken, 71 Me. 567.
149 Cone v. Insurance Co., 60 N. Y. 619.
121. Credits-he is to be credited with amounts paid for repairs and reasonable improvements, the expense of collecting the rents, taxes paid, and sums expended in removing incumbrances and in protecting the property (p. 201).
122. Annual Rests-in computing the account, rests are made whenever, at the end of an interest period, the net debits exceed the interest due (p. 202).
When the mortgagee is in possession, he must account for the rents and profits received, and apply them to the reduction of the mortgage debt.150 The remedy of accounting can be had only in equity.151 The mortgagor is not entitled to an accounting unless he redeems the mortgage, or on foreclosure.152 A junior mortgagee who redeems a prior mortgage is entitled to an accounting from the prior mortgagee, if he has been in possession.153 An assignee of the mortgagee, who takes possession, must account,154 and an accounting can be compelled by the assignee of the mortgagor.155