163. Mortgages of limited interests.

163.     Mortgages of limited interests.

Formerly life estates and reversions and remainders, whether vested or contingent, could exist at law in land and might be the subject of a legal mortgage1, but now they can exist only as equitable interests2, and a mortgage of a life interest or reversionary interest now takes the form of an equitable mortgage effected by conveyance subject to redemption or merely by charge3.