873. Equitable interests in personal property.

Equitable interests may subsist in personal property by reason of the creation of trusts1; and upon a mortgage of personal property an equity of redemption will arise in favour of the mortgagor which will last until the property has been lawfully sold by the mortgagee, or until he has obtained a judgment for foreclosure or the debt is discharged2. To the legal and equitable interests thus co-existing the same principles apply as in the case of real property