104. Legal mortgages.

104.     Legal mortgages.

A legal mortgage of personal property is a conditional assignment to the mortgagee of the mortgagor's legal interest in it1. A legal mortgage of land or an interest in land must be by deed2. A legal mortgage of an estate in unregistered land is effected by a charge by deed expressed to be by way of legal mortgage or a demise or sub-demise for a term of years absolute3. The effect of a legal mortgage by demise is to vest the legal estate in the term of years created by it in the mortgagee,