102. Characteristics of a mortgage.

102.     Characteristics of a mortgage.

A mortgage consists of two things, namely a personal contract for payment of a debt and a disposition or charge of the mortgagor's estate or interest as security for the repayment of the debt; in equity the estate or interest so transferred is no more than a pledge or security1. Every mortgage implies a debt and a personal obligation by the mortgagor to pay it2. If there is a covenant or bond for its payment it is a specialty debt; if not, it is a simple contract debt3.