249. Specific performance.

249.     Specific performance.

An equitable mortgage is a specifically enforceable contract to create a legal mortgage1. Specific performance will normally be ordered of an agreement to execute a legal mortgage of land2, even though the legal mortgage when executed will confer on the mortgagee an immediate power of sale3, so long as valuable consideration is given4. If the party agreeing to grant a mortgage over property only has a limited interest in the property, the court may order him to execute a charge over such interest as he has5.