This section is from the book "Popular Law Library Vol7 Equity Jurisprudence, Trusts, Equity Pleading", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
"Because of the fact that a mortgage is regarded as of a dual character - a conveyance of an estate in lands, and a security for a debt - bearing one character in a court of law and another in a court of equity, a mortgage at the present day, in the absence of statutes providing otherwise, vests the legal title to the mortgaged property in the mortgagee,7 at any rate, after condition broken and possession taken." 8 9
The debt secured, however, is considered the real property right, and the mortgage merely as security therefor, and the interest of the mortgage is therefore considered personal property.