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The Lien Theory Of The Mortgage--Two Crucial Problems, Edgar N. Durfee

Articles

In a recent article in this review1 the writer discussed in a general way the nature of a mortgage of real property in the states which adopt the lien or equitable theory of the mortgage. The conclusion therein arrived at was that, while the mortgage does not convey the legal title to the land until foreclosure, it does convey to the mortgagee, at the time of its execution, a present interest in the land, the general ownership of which remains in the mortgagor-an interest which is limited and special, more analogous to an easement than to general ownership; which is …