Whenever the grand lodge shall establish or charter a subordinate lodge, the subordinate lodge is invested with the separate right to an amount of real and personal property, to the same extent and under the restrictions of §48-102-101. The subordinate lodges have the power, and are specifically authorized, to mortgage or convey in trust their real estate for the purpose of securing the payment of notes or bonds for borrowed money or for other purposes, and it shall be sufficient to bind any lodge in such transaction when a mortgage or deed of trust shall be duly executed by the noble grand and secretary of the lodge.