When any mortgage is foreclosed by the person entitled to receive the money secured thereby but to whom the legal title to the mortgaged premises has never been conveyed, the title to such premises shall, upon the expiration of the time limited for redemption and on failure of redemption, vest in him in the same manner and to the same extent as such title would have vested in the mortgagee if he had foreclosed, provided the person so foreclosing shall forthwith cause the decree of foreclosure to be recorded in the land records in the town in which the land lies.

(1949 Rev., S. 7198.)

Failure to produce mortgage, if it is admitted in the pleadings, held of no consequence. 81 C. 422. Under section, the holder of a promissory note is presumed to be the owner of the debt and, unless the presumption is rebutted, the holder may foreclose the mortgage. 303 C. 224.

Section provides avenue for holder of note to foreclose on property when mortgage has not been assigned to him. 75 CA 791. Statute codifies common law principle of long standing that “the mortgage follows the note”, pursuant to which only note's rightful owner has right to enforce the mortgage. 95 CA 390. Plaintiff had authority to bring foreclosure action where principals designated plaintiff as the payee and holder of a negotiable promissory note documenting defendants' indebtedness, thereby unequivocally manifesting intention to authorize plaintiff to exercise rights that law of negotiable instruments confers on holder of promissory note. 135 CA 58. Summary judgment properly granted where plaintiff demonstrated that the owner of the note authorized plaintiff to enforce the debt and initiate foreclosure proceedings on the owner's behalf. 157 CA 127. The dictates of this section and Sec. 49-33 must trump those in Sec. 47-10, and therefore a valid assignee of a mortgage note has standing to foreclose irrespective of whether that assignee records the assignment prior to instituting the action. 167 CA 183.