This section is from the book "Real Property, An Introductory Explanation Of The Law Relating To Land", by Alfred F Topham. Also available from Amazon: The New Law Of Property.
The equity of redemption of a mortgagor is an equitable estate in the land (m). It is real property and descends to the heir of the mortgagor if he dies intestate.
The Heir takes the Land subject to the Mortgage
(m) Casborne v. Scarfe (1737), 1 Atk. 603. Where it was held that a husband is entitled to curtesy of lands which his wife holds subject to a mortgage.
Debt. - This is the result of Locke King's Act, 1854 (n).
Before the Act the heir took the land: but the mortgage debt, like any other debt, was payable out of the personal property.
Since the Act, if the mortgagor devises the land by will, the devisee takes it subject to the mortgage debt, and if he dies intestate the heir takes it in the same way.