general form as a conveyance on sale, the
principal points of difference being that the conveyance of the property
is preceded by a covenant for the payment of the mortgage money and
interest, and followed by a proviso for reconveyance upon such payment,
and by any special provisions necessary or proper in the circumstances,
such as a covenant for insurance and repairs where the security
comprises buildings. The covenants for title implied by a mortgagor
conveying "as beneficial owner" are the same as in the case of a vendor,
but they are absolute and not qualified in the manner above pointed out.

The beneficial operation of the Conveyancing Act 1881 in shortening
conveyances is well illustrated by a modern mortgage. For, by virtue
of the act, a mortgagee by deed executed after its commencement has,
subject to any contrary provisions contained in the deed, the
following powers to the like extent as if they had been conferred in
terms: (1) a power of sale exercisable after the mortgage money has
become due (a) if notice requiring payment has been served and not
complied with for three months, (b) if any interest is in arrear for
two months, or (c) there has been a breach of some obligation under
the deed or the act other than the covenant for payment of the
mortgage money or interest; (2) a power to insure subject to certain
restrictions; (3) a power, when entitled to sell, to appoint a
receiver; and (4) a power while in possession to cut and sell timber.
The act contains ancillary provisions enabling a mortgagee upon a sale
to convey the property for such estate or interest as is the subject
of the mortgage, and to give a valid receipt for the purchase-money,
and the purchaser is amply protected against any irregularities of
which he had no notice. There are also large powers of leasing
conferred by the act upon mortgagor and mortgagee while respectively
in possession, and a power for the mortgagor, whilst entitled to
redeem, to inspect and take copies of title-deeds in the mortgagee's
possession. The elaborate provisions for all these purposes which were
formerly inserted in mortgage deeds are now omitted; but sometimes the
operation of the act is modified in certain respects. The procedure
upon a sale by a mortgagee is the same as in the case of any other
vendor. He conveys, however, "as mortgagee," these words implying only
a covenant by him against incumbrances a