s his property as security while the money remains
unpaid. During this period he usually remains in possession and
control of the property, though not always. The borrower is called the
mortgagor, the lender the mortgagee. The contract is in writing
sealed, is in fact a deed. Sometimes the contract is in two writings,
the conveyance of the land and security in one, and the conditions or
defeasance on which the conveyance is made in another. It is more
usual, however, to set forth the transaction in a single writing or
conveyance.

A mortgage may be so made as to cover future advances, but it will not
cover them in preference to advances or loans made by another without
any knowledge of them. Nor need another person who makes such a loan
inquire whether a mortgagor has made any other loan, or for a larger
amount than that stated on the public record, where the mortgage deed
is recorded. For, it should be added, a mortgage deed is recorded like
any other for the benefit of all parties, not only to secure the
mortgagee from a later purchaser who might buy if knowing nothing of
the prior mortgage, but from another who might be willing to lend on
such security like himself; or from a creditor of the mortgagor who
might attach the property as belonging to him, if he did not know of
the existence of the mortgage. As the record is public, and may be
examined by everyone, all who are interested in the property are
supposed to examine it and thus find out whether it has been
mortgaged, and if it has been, the conditions of the mortgage, and if
they do not, their neglect is their own.

Improvements, additions of every kind to property after it has been
mortgaged, become a part of it, and if the mortgagee takes future
possession, they pass to him. But a difficult question arises
sometimes, what additions or improvements are included? We have
learned what they are whenever a tenancy relation exists. The law does
not favor a mortgagor to the same extent. The test to apply is that
of intention. If a mill has been mortgaged, the rule is very broad and
the mortgage covers machinery attached by bolts and screws though
removable without injury to the premises. If a mortgage has been
given, by no evidence can it be shown that the deed was intended as an
absolute or entire conveyance of the property. On the other hand by
proper evidence it can be shown that an absolute conveyance was
intended to be only a mortgage. This has been often don