I9.425 Mortgages

I9.425 Mortgages

A mortgage of land normally confers on the lender an interest in land which will be situated where the land is situated1. However, by English law (with which foreign law will be assumed to be identical in the absence of evidence to the contrary) the mortgage also comprises a personal obligation on the borrower to repay the loan. This obligation is movable property, and if it is created by deed it will be a specialty debt (see I9.423).

Before the HMRC change in practice regarding the situs of such debts (I9.423), if the deed was executed in duplicate,

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