163. Mortgagees.

A lender who wishes to sell a property which he holds as security for a loan must have an express or implied power of sale which must both have arisen and become exercisable. A power of sale is implied in every mortgage made by deed unless expressly excluded1. A legal mortgage must be made by deed2. An equitable mortgage need not be made by deed3 and it will therefore be necessary to check carefully the existence of the lender's power to sell. In some cases an equitable mortgage may give the lender an irrevocable power of attorney which would