265. Effect of possession of legal estate.

As, since the enactment of the Law of Property Act 1925, it is possible for there to be a succession of legal mortgages, the opportunities for setting up a legal estate against an equitable interest appear to have been increased1. In practice, however, the occasions for resorting to the old rules for determining priorities which favour the possessor of the legal estate as such2 are very much decreased by the provisions of the Law of Property Act 1925, the Land Charges Act 1972 and the Local Land Charges Act 1975 with regard to registration of mortgages and charges which