Distinguish between the following: 'Mortgage' and 'charge'.

Mortgage A mortgage is created by the act of the parties. A mortgage requires registration under the Transfer of Property Act, 1882 A mortgage is for a fixed term. A mortgage is a transfer of an interest in specific immovable property. A mortgage is good against subsequent transferees. A simple mortgage carries personal liability unless excluded by express contract. A mortgage is a transfer of an interest in a specific immovable property. Charge A charge may be created either through the act of parties or by operation of law. A charge created by operation of law does not require registration but a charge created by act of parties requires registration. The charge may be in perpetuity. A charge only gives a right to receive payment out of a particular property. A charge is good against subsequent transferees with notice. In case of charge, no personal liability is created. But where a charge is the result of a contract, there may be a personal remedy. There is no such transfer of interest in the case of a charge. Charge does not operate as transfer of an interest in the property and a transferee of the property gets the property free from the charge provided he purchases it for value without notice of the charge.