Equitable mortgages don't fit the criteria for a legal mortgage, but are considered mortgages under equity ( in the interests of justice ) because money was lent and security was promised.
12.
An equitable mortgage can arise in two different ways either as a legal mortgage which was never perfected by conveying the underlying assets, or by specifically creating a mortgage as an equitable mortgage.
13.
An equitable mortgage can arise in two different ways either as a legal mortgage which was never perfected by conveying the underlying assets, or by specifically creating a mortgage as an equitable mortgage.
14.
References to " true " legal mortgages mean mortgages by the traditional common law method of transfer subject to a proviso in this manner, and references are usually made in contradistinction to either equitable mortgages or statutory mortgages.
15.
When the borrower deposits a title deed with the lender, it has historically created an equitable mortgage in England, but the creation of an equitable mortgage by such a process has been less certain in the United States.
16.
When the borrower deposits a title deed with the lender, it has historically created an equitable mortgage in England, but the creation of an equitable mortgage by such a process has been less certain in the United States.
17.
In the Merchant Shipping Act 1894, it is provided that only registered ships can be subject to statutory legal mortgages; any other mortgage related to ships shall take effect as a purely equitable mortgage, which may emerge on unfinished vessels, foreign vessels, and others.
18.
The law relating to perfection of security interests by taking of possession can sometimes be confused with the law relating to the granting of security interests, which provides that the deposit of certain assets ( usually documents of title ) can amount to an equitable mortgage of the goods.
19.
For a chattel mortgage to be a legal mortgage, it must transfer legal title to the chattel ( or chattels ) to the secured party ( typically the lender ) and include an express or implied proviso that the legal title will be transferred back to the debtor upon repayment ( known as the equity of redemption ) . ( If the chattel mortgage does not meet the statutory requirements for a legal mortgage it may nevertheless be re-characterised as an equitable mortgage or fixed or floating charge .)
