245. Mortgages of equitable interests.

245.     Mortgages of equitable interests.

Personal property in the possession or under the legal dominion of third persons may be the subject of a valid charge by the equitable owner in favour of his creditor1. Accordingly, choses or things in action2, such as debts or funds in the hands of trustees and including future choses in action and after-acquired property, are assignable by way of security3. For an equitable assignment by way of charge, notice is necessary as between assignee and debtor but not as between assignor and debtor, and, in order to