Meaning:
According to Megary & Wade in The Law of Real Property, the essential nature of a mortgage is that it is a conveyance of a legal or equitable interest in property, with a provision for redemption, that is, that upon repayment of a loan or performance of some other obligation, the conveyance shall become void or the interest shall be re-conveyed.
AISL LTD(2007) 10 NWLR (pt 1043) 590.See also SANTLEY V. WILDE(1899) 2 CH. 474;OLOWU V. MILLER BROTHERS (LIVERPOOL) LTD(1922) 13 NLR 110, particularly at page 111.
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It may also be rightly described as a charge that a borrower gives to a lender upon a part or the whole of his property to guarantee the repayment of a loan. Our attention in this discussion will be focussed more on land than chattels; this is because land is more reliable than chattels as security.You can investigate the title of land by conducting a search at the Lands Registry, etc, to ascertain its genuineness.
Other Types Of Security (apart from land)--
1.Debenture
2.Insurance securities
3.Guarantees
4.Stock and shares
5.Charge over fixed deposit account
6.Trust receipts
7.Bill of sale
8.Letter of set-off
9.Trust deed, etc.
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