Where an estate or interest is invalidated by the rule against perpetuities, a mortgage, charge or other security upon that estate or interest is nugatory as a security. Where, however, an estate or interest is validly created, the rule has no application to the estates, interests or rights of an ordinary mortgagor and mortgagee, chargor and chargee, or persons deriving title under them in respect of the estate or interest so validly created, or to the exercise of the powers conferred by the security
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