Business, Legal & Accounting Glossary
A Mortgage that is recognized ‘at law’, rather than ‘in equity’. In short, to be ‘legal’ a mortgage must be over something which itself is a legal estate in land, be created by Deed, and comply with the provisions of the Law of property act (1925). This acts states that a legal mortgage can be created by Demise, or by a Legal charge.
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This glossary post was last updated: 6th April, 2020 | 0 Views.