Section 714 — Mortgage — registered writing required

Firm annotation

Section 714 imposes the same formal-act requirement as §456 for sales — and the same fatal consequence (void) if skipped. The mortgage deed must specify the maximum secured amount; the actual debt can be less, but it cannot exceed this ceiling. The Land Office uses a standard mortgage form (Tor Dor 15). Two recurring issues: (1) parties try to mortgage at a low "declared value" to save registration fees (1% of secured amount), but this caps the recovery in foreclosure; (2) successive mortgages on the same property are ranked by registration date — second-position mortgagees recover only after first-position.