Q.B.D

345. • mortgage on real estate In New York Is merely a chose in action and gives the mortgagee merely a lien on the property; ][n re Kellogg, U3 Fed. 120; and it “is now almost universally regarded as a mere secur- It was said to be “a conveyance of an estate or property by way of pledge for the security of a debt, to become void on payment thereof"; Poarch v. Duncan, 41 Tex. Oiv. App. 276, 91 S. W. 1110. Any transfer of property as security, regardless of the form of characterizing the same, creates the relation of mortgagor and mortgagee; Beebe v. Loan Co., 117 Wis. 328, 93 N. W. 1103. What May te Mortgaged. Both real and personal property may be mortgaged, and in substantially the same manner, except that a mortgage being in Its nature a transfer of title, the law respecting the necessity of possession in case of personal property and the nature of the instruments of transfer, require the transfer to be made differently in the two cases. All kinds of property, real or personal, which are capable of an absolute sale, may be the subject of a mortgage; rights in remainder and reversion, franchises, and choses in action, may, therefore, be mortgaged. But a mere possibility or expectancy, as that of an heir, cannot; 2 Story, Eq. Jur. § 1012; 4 Kent 144; Wilson v. Wilson, 32 Barb. (N. Y.) 328; Low v. Pew, 108 Mass. 347, 11 Am. Rep. 357; Hosmer v. Carter, 08 111. 98 (see EtXPBCTANCY). Where real estate is mortgaged, all accessions thereto, subsequent to the mortgage, will be boxmd by it; Arques v. Wasson, 61 Cal. 620, 21 Am. Rep. 718; Broughton V. Powell, 62 Ala. 123; Butt v. Ellett, 19 Wall. (U. S.) 644, 22 L. Ed. 183; Philadelphia, W. & B. R. Co. V. Woelpper, 64 Pa. 366, 3 Am. Rep. 696; if specifically stated to bind after-acquired property, it wili have that effect; Hoyle v. R. Co., 51 Barb. (N. Y.) 46; Rowan v. Rifle Mfg. Co., 29 Conn. 282. It may now be considered as settled that a mortgage of after-acquired property is valid and equity will give effect to it, whether the title subsequently acquired by the mortgagor is legal or equitable; Bear Lake A River Waterworks & Irrig. Co. v. Garland, 164 U. S. 15, 17 Sup. Ct. 7, 41 L. Ed. 327; Brady v. Johnson, 76 Md. 445, 26 Atl. 49, 20