90.— (1) Subject to this Part, where a mortgage is created after the commencement of this Chapter—

(a) the mortgagor has the same powers and rights and the same protection at law and in equity as the mortgagor would have been entitled to,

(b) the mortgagee has the same obligations, powers and rights as the mortgagee would have had,

if the mortgagee’s security had been created by a conveyance before that commencement of the legal estate or interest in the land of the mortgagor.

(2) Without prejudice to the generality of subsection (1)(b) and subject to subsection (3), a first mortgagee has the same right to possession of documents of title as such mortgagee would have had if the security had been created by a conveyance before the commencement of this Chapter.

(3) Notwithstanding any stipulation to the contrary, a mortgagee who retains possession or control of documents of title relating to the mortgaged land is, in addition to being subject to the mortgagor’s rights under section 91, responsible for their safe custody as if an undertaking for this were given under section 84.