The transfer of the equity of redemption does not relieve the transferor of his personal liability, if any, to the mortgagee or to the person from whom he acquired the equity, as the case may be.

Nor does the transfer impose upon the transferee any personal liability to the mortgagee or to any person other than the transferor (m), even though the transferee covenants with the transferor to pay the mortgage (n). Where a mortgagor has become insolvent and his assignees have sold the equity of redemption the purchaser is not bound to make good any deficiency there may be on a sale to realize the security (o).

(k) Carter v. Stone, 1890, 20 O.R. 340.

(l) Thomson v. Stikeman, 1913, 29 O.L.R. 146, at p. 159, 14 D.L.R. 97, at pp. 107, 108, S.C. 30 O.L.R. 123, 17 D.L.R. 205.

(m) In re Errington, Ex parte Mason, [1894] 1 Q.B. 11. This is in accordance with the rules that, save as between lessor and lessee, the burden of a covenant does not run with the land at law, and that the burden of a positive covenant does not run with the land in equity. 21 Halsbury, Laws of England, p. 270, note (I). As to the liability of the transferee to the mortgagee in Alberta, see Sec. 134.

(n) There is no privity of contract between the transferee and the mortgagee which would enable the latter to sue the former. Frontenac Loan and Investment Society v. Hysop, 1892, 21 O.R. 577; Canada Landed and National Investment Co. v. Shaver, 1895, 22 O.A.R. 377.

(o) Nichols v. Watson, 1876, 23 Gr. 606.