245. Equitable mortgagee of shares.

Where a share certificate is deposited without any memorandum, the lender's remedy is an order for transfer and foreclosure1. This remedy may be available even though the personal remedy against the mortgagor is barred by statute2. Even where the certificate itself is deposited, the equitable mortgagee is not in a safe position, as the mortgagor may be able to obtain a fresh certificate and enable another mortgagee to obtain registration of a transfer, or may subject the shares to a lien having priority over the equitable mortgage