(1) A legal mortgage of land may only be created by a charge by deed and such a charge, unless the context requires otherwise, is referred to in this Part as a "mortgage"; and "mortgagor" and "mortgagee" shall be read accordingly.
(2) Subject to subsection (3), from the commencement of this Chapter -
(a) any instrument which would, but for the provisions of this section,convey a legal estate or interest in land by way of mortgage, or
(b) any other transaction which under any instrument would operate, but for the provisions of this section, as a mortgage by conveyance of a legal estate or interest in land,
does not create a legal mortgage.
(3) From the commencement of this Chapter, any transaction which under any statutory provision would, but for the provisions of this section, operate as a mortgage by conveyance of a legal estate or interest in land operates as if it were a mortgage under this Part.
(4) From the commencement of this Chapter, any power, whenever created, to mortgage or
…