105. Equitable mortgages.

105.     Equitable mortgages.

An equitable mortgage is a specifically enforceable contract to create a legal mortgage1. It creates a charge on the property but does not convey any legal estate or interest to the creditor; such a charge amounts to an equitable interest2. Its operation is that of an executory assurance which, as between the parties, and so far as equitable rights and remedies are concerned, is equivalent to an actual assurance, and is enforceable under the court's equitable jurisdiction3. An equitable mortgagee may elect to dispense with the mortgage and rely only