Mortgages, redemption and marshalling

Section 58 defines the relationship and distinguishes simple mortgage, mortgage by conditional sale, usufructuary mortgage, English mortgage, mortgage by deposit of title-deeds and anomalous mortgage. Their rights differ, so do not assume that every mortgage involves possession or an identical enforcement route.

Section 59 deals with formalities and its title-deed-deposit exception. Section 60 describes the mortgagor's right to redeem after the principal money becomes due, subject to the statutory limits on extinguishment. Sections 60A and 60B concern transfer to a third party and inspection of documents.

Sections 67–69 distinguish foreclosure or sale, a suit for mortgage money and the limited circumstances for a power of sale without court intervention. Do not turn those different rules into a blanket statement that a lender may immediately sell any mortgaged home.

Section 81 gives a subsequent mortgagee a qualified marshalling right where the same owner mortgages multiple properties to one person and later some of them to another. The right cannot prejudice the prior mortgagee or a person who acquired an interest for consideration. Section 82 concerns contribution; section 92 concerns subrogation.