ABSTRACT
The mortgage is one of the most versatile and unique of property law concepts. It is, on the one hand, a simple contract of loan between lender and borrower and, on the other, it creates a valuable and powerful proprietary right in land. It is a concept governed by contract law and property law and the different philosophies of each can sometimes cause confusion and difficulties. However, since 1925, the very way in which mortgages can be created is designed to re-enforce the essential nature of a mortgage as a security charged on land for a loan.
