Restatement (Third) of Property (Mortgages)
– Title Theory: Legal title with the mortgagee until the mortgage is satisfied or foreclosed.
– Lien Theory: Mortgagee is regarded as owning a security only and both legal and equitable title remain in the mortgagor until foreclosure.
– Intermediate Theory: Legal and equitable title remain in the mortgagor until a default, at which time legal title passes to the mortgagee.
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