(1) Any person claiming any interest in a mortgage or encumbrance in respect of which an application under section 91 is made may, before the granting of the application, lodge a caveat in an approved form with the Recorder forbidding the granting of the application.(2) A caveat under this section shall in all respects be subject to the same provisions, and have the same effect with respect to the application against which it is lodged, as a caveat against an application to bring land under this Act.