Section 68 — Form and effect of mortgages and charges

(1)Registered land may be mortgaged to secure payment of a debt by an instrument of mortgage in the approved form.

(2)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 approved form.

(3)A mortgage does not operate as a transfer of the land mortgaged, but has effect as a security only.

(4)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 the chargee’s 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.