'This  rule  prevails  in  Alabama,  Conaectieut,  Indiana,  Massachu-
setts, Minnesota,  Missouri,  New  Hampshire,  North  Carolina,  Rhode
Island  and  Vermont.
MOETGAGES.  251

Many  States  have  repudiated  the  common  law  theory  and
have  adopted  the  more  equitable  rule.
In  the  latter  States,  a  mortgage  may  be  defined  as  follows :

A  MORTGAGE  IS  A  LIEN  ON  LAND  FOR  THE  PURPOSE  OF
SECtTKINQ  THE  PAYMENT  OP  A  DEBT  OR  OTHER  OBLIGA-
TION.
Under  this  theory,  a  mortgage  does  not  convey  any  title
to  the  property;  the  legal  title  remains  in  the  mortgagor,  even
after  default,  and  passes  from  him  only  on  foreclosure."

FORM  OF  MORTGAGES.
At  the  common  law,  a  mortgage  was  in  the  form  of  a  con-
veyance of  land  with  a  defeasance  clause,  that,  on  performance
of  the  condition  as  to  payment,  the  estate  granted  should  be
void,  or,  with  a  provision  that  on  payment  at  the  time  limited
in  the  mortgage,  the  mortgagee  should  re-convey  the  premises.*
A  mortgage  in  this  form  is  said  to  be  a  common  law  mortgage.
This  common  law  form  is  in  use  in  many  of  the  States,  in-
cluding some  States  in  which  a  mortgage  is  not  a  conveyance,
but  a  lien.  It  was  quite  a  common  practice  to  convey  an  abso-
lute estate  by  one  instrument,  and  execute  a  defeasance  clause
in  a  separate  writing.'

In  some  States,  statutes  have  been  passed  providing  that  a
certain  form  may  be  used,  and  indicating  the  method  of  exe-
cution, etc.
'The  lien  theory  as  to  mortgages  prevails  in  substance  in  the  fol-
lowing States:  Michigan,  New  Yorlc,  Georgia,  California,  Indiana,
Iowa,  Kansas,  Louisiana,  Texas,  South  Carolina,  Wisconsin,  Dalcota,
Utah  and  Washington.
Delaware,  Mississippi  and  Missouri  adopt  the  Hen  theory,  but  after
default  of  mortgagor,  possession  by  mortgagee  vests  an  estate  In  the
latter.
