A Welsh mortgage is a practically obsolete form of security (f). It should not, however, be overlooked as it is mentioned in reported decisions in comparatively modern times, and it affords an interesting example of the survival of certain features of ancient forms of mortgage mentioned by Glanvil and Bracton. It is an assurance by which, to secure a debt, property is conveyed to the creditor without any condition or proviso for reconveyance or defeasance and usually without any condition or covenant for payment (g), it being of the essence of the transaction that the mortgagee should have possession and receipt of the rents and profits (h). The mortgagee must receive the rents and profits either in lieu of interest (i) or in payment on account of principal and interest. In the former case the mortgagee is not under liability to account for what he receives, but in the latter case an account may be directed (j). The continued possession of the mortgagee will not bar the right of redemption until the expiration of the full statutory period (k) after the mortgage has been satisfied (I). There being no condition, there can be no forfeiture and no foreclosure (m).

(d) Co. Litt. 205a; Litt. s. 332.

(e) Holdsworth, op. cit., vol. 3, p. 110, note.

(f) See 21 Halsbury, Laws of England, pp. 87-8.

(g) The mortgagor may redeem at any time, but in the absence of a covenant for payment the mortgagor cannot be sued personally. Howel v. Price, 1715, 1 P. Wms. 291; Yates v. Hambley, 1742, 2 Atk. 360, at p. 363; Lawley v. Hooper, 1745, 3 Atk. 278; Teulon v. Curtis, 1832, Younge 610; Balfe v. Lord, 1842, 2 Dr. & W. 480, at pp. 486-8, 18 R.C. 481, at pp. 486-7; Cassidy v. Cassidy, 1889, 24 L.R. Ir. 577.