The statute (o) provides that the mortgagee may be required to assign the mortgage "on the terms on which he would be bound to reconvey." This phrase refers not merely to the amount of the principal, interest and costs, but also to' the terms generally. The mortgagor cannot by an assignment get a higher or better title to the estate than that to which he would be entitled under a reconveyance. The assignment must be subject to the rights of other persons interested in the equity of redemption. Thus, where lands are mortgaged and then settled on the mortgagor as tenant for life with remainders over, the mortgagor, on redeeming, is entitled to call for an assignment to a third person only upon the terms that the assignment shall be subject to the rights of those interested under the settlement (p).

If there are persons interested in the equity of redemption other than the person redeeming, the reconveyance of the estate or the assignment of the mortgage should be made subject to the rights of all parties interested (q).

If a person who has only a partial interest in the equity of redemption redeems a mortgage, the reconveyance or the assignment to him should be qualified accordingly. The owner of land mortgaged it and then, reserving a life estate to himself, conveyed it in fee subject to the mortgage. The grantee paid off the mortgage and required an assignment of it. It was held that he was not entitled to an absolute assignment of the mortgage because as between him and his grantor he was bound to discharge the grantor's life estate from the mortgage, but that he was entitled to have the mortgage assigned to him in such a way that it would remain an encumbrance on the remainder in fee vested in him (r).

(o) See Sec. 192, supra.

(p) Alderson v. Elgey, 1884, 26 Ch.D. 567.

(q) Kinnaird v. Trollope, 1888, 39 Ch.D. 636; Gooderham v. Traders Bank, 1888, 16 O.R, 438: Stark v. Reid, 1895. 26 OR. 257.