165. Mortgage as a legal charge.

A charge by way of legal mortgage can be created on freehold and leasehold property1. The charge is created by deed expressed to be by way of legal mortgage2. It ranks as a legal estate3, although no term of years is actually created4, and it gives the chargee the same protection, powers and remedies as if a mortgage term for 3,000 years without impeachment of waste in the case of freeholds5, or a mortgage sub-term less one day than the term vested in the mortgagor in the case of leaseholds

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