240. Necessity for writing.

(iii)     Equitable Mortgages of Personalty

240.     Necessity for writing.

A mortgage of an equitable interest subsisting at the time of the mortgage must be in writing signed by the mortgagor or his agent lawfully authorised in writing1. This requirement applies to equitable interests in personalty2. Subject to this requirement, an equitable mortgage of personal property is not required to be in writing3.