63. Form and effect of mortgages and charges
Feedback & supportRegistered land may be mortgaged to secure payment of a debt by an instrument of mortgage in the prescribed form.
registered land
“registered land” means land which has been brought under the provisions of this Act by being included in a folio of the land-register;
Registered land may be charged to secure payment of a rentcharge, annuity, or other periodical sum, or of any money other than a debt, by an instrument of charge in the prescribed form.
A mortgage shall not operate as a transfer of the land mortgaged, but shall have effect as a security only.
land
“land” means the surface of any defined parcel of the earth, and all substances thereunder, and so much of the column of air above the surface as is reasonably necessary for the proprietor’s use and enjoyment, and includes any estate or interest in land and all vegetation growing thereon and structures affixed thereto. Subject to any provision to the contrary the proprietorship of land includes natural rights to air, light, water and support and the right of access to any highway on which the land abuts;
There may be included in an instrument of charge such covenants or provisions as the parties think fit for disposing of the moneys which may arise on the exercise by the chargee of his power of sale, either by setting aside the proceeds of sale or part thereof on investment to meet future periodical payments, or by payment to the chargee of such proceeds or part thereof being the estimated capital value of the chargee’s interest, or otherwise.[59