2. All kinds of property, real or personal, which are capable of all absolute sale, may be the subject of a mortgage: rights in re mainder and reversion, franchises, and choses in action, may, therefore, be mortgaged. But a mere possibility or expectancy, as that of an heir, cannot. 2 Story, Eq. Jur. 1012; 4 Kent, Comm. 144 ; 1 Powell, Mortg. 17, 23; 3 Mer. Ch. 607.
As to the form, such a mortgage must be in writing, when it is intended to convey the legal title. 1 Penn. 240. It is either in one single deed which contains the whole contract,—and which is the usual form,--or it is two separate instruments, the one containing an absolute conveyance and the other a defepance, 2 Johns. Ch. N. Y. 189 ; 15 Johns. N. Y. 555 ; 3 Wend. N. Y. 208 ; 7 id. 248 ; 2 Me. 152; 11 id. 346 ; 12 Mass. 456 ; 7 Pick. Masa. 157; 3 Watts, Penn. 188 ; 6 id. 405 ; and generally, whenever it is proved that a conveyance was made for purposes of security, equity regards and treats it as a mortgage, and attaches thereto its incidents. 9 Wheat. 489 ; 1 How. 118 ; 12 id. 139 ; 2 Des. Eq. So. C. 564; 1 Hard. Ky. 6 ; 2 Cow. N. Y. 246 ; 9 N. Y. 416 ; 25 Vt. 273 ; 1 Md. Ch. Dec. 536 ; 3 id. 508 ; 1 Murph. No. C. 116 ; 10 Yerg. Tenn. 376 ; 3 J. J. Marsh. Ky. 353 ; 5 111. 156 ; 4 Ind. 101; 2 Pick. Mass. 211 ; 20 Ohio, 464 ; 36 Me. 115 ; 1 Cal. 203 ; 1 Wisc. 527; 9 Serg. & R. Penn. 434. In law, the defeasance must be of as high a nature as the' oonveyance to be de feated. 1 N. H. 39 ; 13 Pick. Mass. 411 ; 22 id. 520; 43 Me. 206 ; 2 Johtis. Ch. N. Y. 191; 7 Watts, Penn. 361. The rule as to the ad mission of parol evidence to establish the character of a conveyance as a mortgage varies in the different states. See 26 Ala. N. s. 312; 29 id. 254 ; 7 Ark. 505 ; 18 id. 34 ; 8 Cal. 424 ; 9 id. 538 ; 8 Conn. 186 ; 15 Ill. 519, 528 ; 4 Blackf. Ind. 67 ; 2 B. Monr. Ky. 72 ; 9 Dan. Ky. 109; 36 Me. 562 ; 43 id. 206; 6 Harr. & J. Md. 138, 435 ; 3 Md. Ch. Deo. 508 ; 13 Pick. Mass. 411 ; 22 id. 526 ; 3 Mich. 645 ; 23 Mies. 375 ; 10 Mo. 483 ; 22 id. 77 ; 11 N. II. 571 ; Seat. Ch. N. J. 534 ; 10 Barb. N. Y. 582 ; 1 Johns. Ch. N. Y. 425, 594 ; 5 Paige, Ch. N. Y. 9 ; 9 N. Y. 416 ; 2 Jones, Eq. No. C. 172, 256 ; 33 Penn. St. 158; 1 R. I. 30; 3 Rich. So. C. 153 ; 10 Yerg. Tenn. 873 ; 11 Humphr. Tenn. 587; 3 Tex. 1; 14 id. 142 ; 9 Vt. `479 ; 19 id. 9 ; 2 Cab, Va. 421 ; 2 Munf. Va. 40 ; 1 Wisc. 527 ; 4 Kent, Comm. 143 ; 1 Washburn, Real Prop. 483.
3. The mortgagor has, technically speak ing, in law a mere tenancy, subject to the right of the mortgagee to enter immediately
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UlJlebel /Cell WIICti uy Lib Lo contrary. See 34 Me. 187 ; 9 Serg. & R. Penn. 802 ; 1 Pick. Mass. 87; 19 Johns. N. Y. 325 ; 2 Conn. 1 ; 4 lied. No. C. 122 ; 5 Bingh. 421 ; 1 Washburn, Real Prop. 518. In equity, however, the mortgage is Leld a mere security for the debt, and only a chattel interest ; and until a decree of foreelosut e the mortgsgor is regarded as the real ovvner. 2 Jac. & W. Ch. 190 ; 4 Johns. N. Y. 41 ; 11 id. 534 ; 4 Ci nn. 235 ; 9 Serg. & R. Penn. 802; 5 Ilarr. & J. Md. 312 ; 3 Pick. Mass. 484.
The mortgagee, at law, is the owner of the land, subject, however, to a defeat of titlehy petformance of the condition, with a right to enter at any time. See 21 N. H. 4C0 ; 9 Conn. 216 ; 19 Me. 53 ; 2 Den. N. Y. 170. He is, however, accountable for the piofits before 'foreclosure. 31 Me. 104 ; 32 Id. 97; 5 Paige, Ch. N. Y. 1 ; 11 id. 436 : 24 C( nn. 1 ; 1 Heist. Ch. N. J. 346 ; 2 id. 548 ; 2 Cal. 387; 6 Fla. 1 ; 1 Washburn, Real Prop. 577. The diflerent states fluctuate somewhat be tween the rules of equity and those of law, or, rather, have engrafted the equitable rules upon the legal to an unequal extent. 31 Penn. St. 295 ; It) Ga. 65 ; 27 Barb. N. Y. 503 ; 3 Mich. 581 ; 3 Greene, Iowa, 87; 4 Iowa, 571 ; 4 M'Cord, So. C. 386 ; 9 Ca1.123, 365 ; 1 Washburn, Real Prop. 517 et seq.
4. .Assigument of mortgages must be made in accordance with the requirements of the Statute of Frauds. 15 Mass. 233 ; 17 id. 419; 6 Gray, Mass. 152 ; 32 Me. 197; 33 id. 196; 18 Penn. St. 394 ; 7 Blackf. Ind. 210 ; 5 Den. N. Y. 187; 3 Ohio St. 471 ; 27 N. H. 3C0 ; 5 Halst. Ch. N. J. 156 ; '21 Ala. N. s. 497; 1 Washburn, Real Prop. 520.
Foreclosure may result from occupation by the mortgagee for twenty years, or a period equal to the length of time necessary to bar a writ of entry. 2 Mete. Mass. '26 ; by bill for strict foreclosure to obtain possession, which is the common practice in England and in some of the United States, a time being generally allowed for redemption before ths decree is made absolute, see Williams, Real Prop. 356 ; 1 Washburn, Real Prop. 600, for a full abstract of the laws of the various states; by bill to obtain a decree for sale ; by entry and holding possession for a term of yeara fixed by law ; and by a sale under a power of attorney for ihe purpose, inserted in the original conveyance.
Consult Washburn, Williams, on Real Pro perty ; Hilliard, Cooteon Mortgages; Story, Equity ; Kent, Comm.-Lect. I.–VIII.