Section 2Part 0 —
Charges over debts and other obligations
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A debt or thing in action may be the subject of a fixed or floating charge (and is not thereby extinguished, released or merged) notwithstanding that the chargee is the obligor.
If, and for so long as, a mortgage, legal or equitable, of a debt or thing in action cannot take effect as such by reason that the intended mortgagee is the obligor, it takes effect as a charge.