211. Mortgage of stocks and shares.

A mortgagee's legal title to stocks and shares in a public company is given by a transfer and due registration of the stocks or shares in the mortgagee's name1. The mortgagor's interest in the shares cannot be noted on the register of members2, but the transfer is generally accompanied by an independent document setting forth the actual nature of the security and providing for a re-transfer on redemption. In this case the mortgagee becomes a member of the company3 and is liable for calls if the shares are not fully paid up, but, if the mortgage is under seal,