125. Remedies of mortgagee where legal charge is set aside.

125.     Remedies of mortgagee where legal charge is set aside.

Where a mortgage is set aside, the mortgagee may have the benefit of an equitable mortgage1, or be subrogated to the rights under an earlier mortgage2, or be entitled to a restitutionary remedy3. If the mortgage is only set aside as against one co-owner, it may take effect as an equitable charge over the beneficial interest of the other co-owner4.