(Emphasis supplied). The same rule was followed in Tracy v. Costa, 132 N.J. Eq. 455, 28 A.2d 523 (Ct. Err. App. 1942) and Vineland Savings Loan Ass'n v. Felmey, 12 N.J. Super. 384, 79 A.2d 714 (Super.Ct. 1950). It is clear that under the present law the mortgage vested in the Company nothing more than a lien which it held as security for the debt due under the note Absent default and foreclosure, the mortgagor remained the owner of the lands for all purposes. The note and mortgage constituted a unitary obligation which was nothing more than a chose in action.
It is clear that until foreclosure is completed, ownership of the property resides in the mortgagor. Tracy v. Costa, 132 N.J. Eq. 455, 458 (E. A. 1942). But the mortgagor can convey only the rights it holds to a mortgagee.