216. Mortgage of an equitable interest.

216.     Mortgage of an equitable interest.

A mortgage of an equitable interest in land can be made by assignment of the equitable interest, subject to a proviso for redemption1. Subject to the requirement that a mortgage of an equitable interest in personalty subsisting at the time of the mortgage must be in writing signed by the mortgagor or his agent lawfully authorised in writing2, an equitable mortgage of personal property is not otherwise required to be in writing3. A mortgage of an equitable interest in land, however, must be in writing4.