(w) See chapter 35, Short Forms of Mortgages Act, Sec. 381.

Firstly. That I will pay to him, the said E. F., the above sum of ------ dollars, on the ------ day of------.

Secondly. That I will pay interest on the said sum at the rate of------on the dollar, in the year, by equal payments on the------day of------and on the------day of------in every year.

Thirdly. (Here set forth special covenants, if any).

And for the better securing of the said E.F. the repayment in manner aforesaid of the principal sum and interest, I hereby mortgage to the said E.F. my estate and interest in the land above described.

In witness whereof, I have hereunto signed my name this ------ day of ------ 19 .

Signed by the above named A. B. as mortgagor, in the presence of (Signature of Mortgagor).

(Insert memorandum of mortgages and encumbrances).

The Northwest Territories form of mortgage (form 0) is practically identical with the Alberta form.

The Saskatchewan form of mortgage (form Q) begins

I, A.B. (insert name, address and occupation of owner, as in certificate of title), being registered as owner of an estate (here state nature of interest), in that piece of land described as follows: (here insert description) containing------acres, be the same more or less here state rights of way, privileges, easements, if any, intended to be mortgaged along with the land), in consideration of the sum of ------dollars and continues as in the Alberta form, but omitting the note at the end as to the insertion of memorandum of morgages and encumbrances.

The Manitoba form of memorandum of mortgage (schedule D) is as follows:

I, A.B., of------, being registered as owner of (here state nature of estate or aescribe mortgage as case may require), subject, however, to such encumbrances, liens and interests as are notified by memorandum underwritten (or endorsed hereon), in that piece of land described as follows:------------------------------------------------------ in consideration of the sum of ------ dollars lent to me by E. F., of ------, the receipt of which sum I do hereby acknowledge, covenant with the said E.F.;

First. That I will pay to him, the said E.F., the above sum of ------ dollars on the------ day of ------.

Second. That I will pay interest on the said sum at the rate of ------on the dollar in the year by equal payments on the------day of ------, and on the ------ day of------, in every year.

Third. (Here set forth special covenants, if any.)

And for the better securing to the said E.F. the repayment in the manner aforesaid of the principal money and interest, I hereby mortgage to the said E.F. my estate and interest in the land above described (or the said mortgage).

In witness whereof I have hereunto set my name this-----ay of ------.

Signed by the above named A.B. in the presence of or statutory mortgage (a). The registration of a mortgage is not intended to vest in the mortgagee any registered estate or interest or to effect any immediate disemberment of the mortgagor 's registered title, but merely renders the registered title subject to such powers of disposition as the statutes expressly 01 impliedly declare for the benefit of the mortgagee (b). The mortgagor's interest in the land is not an equitable one and cannot pr6perly be described as an equity of redemption (c). Inasmuch as under the land titles system a duly registered instrument has a special statutory operation and effect, the forms prescribed by the statute should be more strictly followed than is necessary in cases where instruments take effect according to the ordinary rules of conveyancing (d).

It will be observed that in the Ontario form of charge, the owner "charges" his land with the payment of the money, and in the forms of mortgages provided by the Manitoba, Saskatchewan, Alberta and Northwest Territories statutes the owner "mortgages" his estate and interest for the better securing the repayment of the money. In none of these forms are there any words of grant or conveyance, and it is expressly provided in each of the four last mentioned statutes that a mortgage or encumbrance shall have effect as security but shall not operate as a transfer of the land (x). The Ontario statute provides that a charge, when registered, shall confer upon the chargee a charge upon the interest of the chargor as appearing in the register (y). A charge or mortgage under the land titles system is therefore not a legal mortgage in the strict sense (z), but it is more accurately described as a registered

(x) Man. s. 108; Sask. s. 102; Alta. s. 61; N.W.T. s. 98.

(y) Ont. s. 30.

(z) See chapter 2, Mortgage at Common Law, Sec. 11.

"An exact verbal compliance is not necessary, but the document must be in substance the same as the form prescribed. And it is not the same in substance when the divergence in form gives to one or more of the parties to it rights or remedies or imposes upon them duties or obligations which would not result from the use of the prescribed form" (e).

In Manitoba (f) a discretionary power is conferred upon the registrar-general to direct the registration under the new system of an instrument which is in accordance with the forms in use or sufficient to pass an estate or interest in land under the old system and which deals with land under the new system.

(a) See also Sec. 98.

(b) Smith v. National Trust Co.-, 1912, 45 Can. S.C.R. 618, 1 D.L.R. 698; see quotation from Duff J's judgment, Sec. 99, infra.

(c) Douglas v. Mutual Life Ass. Co., 1918, 13 A.L.R. 18, 38 D.L.R. 459, 39 D.LR. 601, S.C., reversed by the Supreme Court of Canada, 8 Oct. 1918.

(d) Thorn, The Canadian Torrens System, 106, 103 ff.

(e) In re Rumely and Registrar S.L.R.D., 1911, 4 S.L.R. 466, at pp. 473-4. Any departure from the statutory form is attended with some risk. Capital and Counties Bank v. Rhodes, [1903] 1 Ch. 631, at p. 658.

(f) Man. s. 91.