49. Transfer of mortgages and stocks not secured by Trust Deed.
(1)Mortgages and stocks not secured by a trust deed shall be transferred by endorsement. Such stocks shall also be renewed, sub-divided, consolidated as per procedure specified the Board.(2)On transfer of mortgage or of a stock not secured by a trust deed, the transferee or his executors or administrators shall be entitled to the full benefit of the original mortgage or stock and the principal and interest secured thereby.(3)No person, except the last transferee or his executors or administrators shall be entitled to transfer, release or discharge any such mortgage or stock or any money secured thereby.
