An agreement to charge real or personal estate, made for valuable consideration1 by a person who has power to create such a charge, operates as a valid equitable charge2, even though the charge extends to all his existing property3; and if, at the date of the agreement, the property agreed to be charged has been sold, the charge takes effect on the interest which the person making it has in the purchase money4. A covenant to charge property ascertained or ascertainable creates a binding charge as soon as the property is ascertained
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