Hollis v Wingfield and Others A mortgagor mortgaged certain shares in a company to a first mortgagee for £7,000 and interest, which was later reduced to approximately £5,000. The company went into liquidation, and the liquidator paid to the first mortgagee from the proceeds of sale of the company’s property an amount of some £9,000, and the first mortgagee became to that extent a mortgagee in possession.