148. Lenders.

Every lender whose mortgage is made by deed has a power to sell the legal estate vested in the borrower, subject to prior incumbrances but discharged from subsequent ones1. The power of sale is therefore available, unless expressly excluded in the mortgage deed, to a lender who has taken a legal mortgage and to one whose equitable mortgage is made by deed. If an equitable mortgagee whose mortgage was not made by deed wishes to be able to convey the borrower's legal estate a conveyancing device such as an irrevocable power of attorney granted by way of security by