MORTGAGE, in English law, is the temporary pledging, of land in security of a debt; and as the land cannot be delivered into the creditor's hand, he acquires a hold over it by a deed called an indenture, or deed of mortgage. The ordinary form of a mortgage deed resembles an absolute conveyance, but it contains a proviso that if the money bor rowed is repaid within a. certain time, then the mortgagee shall reconvey the land to the mortgagor or borrower. There is a mode of executing a mortgage without any deed, which is common with bankers and others who lend money. This consists in the hoe rower taking the title-deeds of his land to the hanker, who keeps the deeds and lends money on the faith of them. This is called an equitable mortgage by deposit of ti•„le deeds, but in point of fact is as good as any other mortgage. Mortgage deeds do not require in England to be registered, except in Middlesex and Yorkshire; and hence a person not unfreemently mortgages his property two or three times over, though die security is insufficient for all the debts. But in general this can only happen by the care lessness of one or other of the mortgagees, for the first mortgagee ought to have the title deeds in his possession, and ought not to part with them, as they are his chief protection. A mortgagee can assign his mortgage security to another person, who thereupon stands in his shoes. If the money is not paid at the time originally appointed in the deed, then interest becomes due, and the deed is held as a security for both principal and interest. The remedy whiellte mortgagee has it the money is not paid atrall,Tair not paid after due notice, is threefold. The mortgagee may exercise the power which the deed always contains to sell the estate and pay himself out of the proceeds; or the mortgagee may enter into possession and draw time rents and pay himself by installments. Or he may foreclose the mortgage, i. c., he commences a snit in the court of cha»eery, the effect
of which is to allow a short time to time mortgageor to pay the debt, failing which the court will order it to be sold to satisfy the debt. Another remedy is for the mortgagee to sue the mortgageor for the money in an ordinary action. All these remedies may be pursued at one and the same time. Sometimes when a second and third mortagage are given over the same estate, which is often done when time estate is large compared with time money borrowed, it happens that the third mortgagee gets a prior title to the second mortgagee by buying up the first mortgage. On doing this he can tuck the third mort gage on to the first by the doctrine known as the tacking of mortgages. As a general rule, if nothing is said,the mortgageor or borrower pays all time costs of the mortgage transac tion. Until the estate is sold, or the security foreclosed, time mortgageor has what is called the equity of redemption, i. e., he can at any time, on payment of the debt, cool poi the mortgagee to reconvey the property to him. Mortgages in England are not a tirst-class security, and hence trustees who are not specially authorized by their deed or will to invest in mortgage security do it at their risk, it being assumed that the only investment which is absolutely safe is government stock. In Scotland mortgages are generally called bonds and dispositions in security, and form a higher and better security than in England, owing to there being a regular system of registration of deeds affecting land; and hence trustees are entitled to invest their funds there in mortgage security, which is considered as safe as government stock, and less liable to fluctuations of inter est. In Scotland there is no such practice as mortgaging lands with banks by merely depositing the title-deeds. See 130ND, DISPOSITION IN SEcuurrit.