106. Equitable charges.

An equitable charge arises where a particular asset or class of assets is appropriated to the satisfaction of a debt or other obligation of the chargor or a third party, so that the chargee is entitled to look to the asset and its proceeds for the discharge of the liability1. This right creates a transmissible interest in the asset2. It is a security interest created without any transfer of title or possession to the beneficiary, which can be created by an informal transaction for value and over any kind of property3.

An equitable charge on land is a security which