Devolution of real property under mortgage
38Where an estate in any tenements, corporeal or incorporeal, is vested by way of mortgage in a person, the same shall on his death, in the absence of any testamentary disposition, devolve to and become vested in his personal representative, but subject to all the like rights, equities and obligations, and for the purpose of this section, his personal representative for the time being shall be deemed in law his heir for the purposes of all trusts and powers created by the said mortgage.