161. Mortgages of freeholds.

(ii)     Legal Mortgages of Land

a.     Historical Background

161.     Mortgages of freeholds.

Before 1926, a legal mortgage of freehold property was made by the same form of assurance and framed on the same principles as an absolute conveyance, subject, however, to a proviso for redemption. Any purported conveyance of an estate in fee simple by way of mortgage1 made after 1925 operates (to the extent of the estate of the mortgagor2) as a demise of the land3 to the mortgagee4 for a term of years absolute without impeachment of waste, but