Legal Question in Banking Law in India
what is difference between mortagate and equitable mortagage
Asked on 4/04/11, 11:03 pm
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
mortgage is security created over immovable property and can be simple mortgage, equitable mortgage etc., Equitable mortgage is a banking term referring to a mortgage coming into existence by a debtor depositing the title deeds of his property with his creditor with an intention thereby to create a security thereon for any debt. For legal definition go through Section 58 of the Transfer of Property Act .
Answered on 4/05/11, 4:06 am
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