Conversion of an equitable mortgage into a mortgage

(1) An equitable mortgage may be converted into a legal mortgage, with all the rights, powers and privileges which a legal mortgage creates against the mortgaged property or the legal mortgagor by way of sale of the land and otherwise, by obtaining in the prescribed manner an order of the court fixing the amount due to him by the equitable mortgagor, or obtaining from the equitable mortgagor a deed acknowledging a specific sum therein stated as being due by him to the equitable mortgagee under the equitable mortgage. (2) The equitable mortgagee may present the order or the deed to the Registrar, and request him to register or record it as a legal mortgage in his favour for the amount of the equitable mortgage stated in the order or deed, and the date of the legal mortgage shall be the date of registration or recording of the