It is proof of the legal mortgagee 's right to the security.
Where the official receiver is content to let the purchase proceed he should ensure that the proposed mortgagee is aware of the bankruptcy proceedings.
The official receiver should ascertain that all policies held by the mortgagee are either formally charged or that there is an equitable charge.
A reference and/or authority from any existing mortgagee (and possibly one's bankers) will also need to be furnished.
The right of presentation may be exercised by its owner whether he be an infant, executors, trustees, coparceners (who, if they cannot agree, present in turn in order of age) or mortgagee (who must present the nominee of the mortgagor), or a bankrupt (who, although the advowson belongs to his creditors, yet has the right to present to a vacancy).