234. Sub-mortgage by deposit of title deeds.

A legal mortgagee might make an equitable sub-mortgage by deposit, and an equitable mortgage by deposit could be sub-mortgaged by redeposit without depositing the memorandum given on the original deposit1. The derivative mortgagee had to deliver up the deeds to the original mortgagor upon being paid all that was actually due on the original deposit2. A sub-mortgage by deposit of deeds relating to unregistered land did not need to be registered as a land charge