166. Statutory mortgages.

166.     Statutory mortgages.

A mortgage of freehold or leasehold land may be made by a deed expressed to be by way of statutory mortgage in a prescribed form with such modifications as circumstances may require1. This is a special form of charge by way of legal mortgage, and is deemed to include covenants for payment of principal and interest and a proviso for discharge of the mortgaged property or transfer of the benefit as the mortgagor may direct2.