Equitable mortgage


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EQUITABLE MORTGAGE, Eng. law. The deposit of title-deeds, by the owner of an estate, with a person from whom he has borrowed money, with an accompanying agreement to execute a regular mortgage, or by the mere deposit, without even any verbal agreement respecting a regular security. 2 Pow. on Mort. 49 to 61; 1 Mad. Ch. Pr. 537; 4 Madd. R. 249; 1 Bro. C. C. 269; 12 Ves. 197; 3 Younge & J. 150; 1 Rus. R. 141.
     2. In Pennsylvania, there is no such thing as an equitable mortgage. 3 P. S. R; 233; 3 Penna. R. 239; 17 S. & R. 70; 1 Penna. R. 447.

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A contract of sale with right of repurchase should be distinguished from an equitable mortgage. In Matanguihan v.
The buyers' lender could not seek an equitable mortgage against a residential seller who wrongly remained the record owner after closing, according to the Appellate Division of the New York Supreme Court.
However, the law enumerates several instances when a contract, purporting to be, and in fact styled as, an absolute sale, is presumed to be an equitable mortgage, thus:
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Tenders are invited for Equitable mortgage of land and showroom at plot no 1011, 1012 and 1013, khata no 96, 208 and 355 area 13 kathas 4 dhurs as 21424.5 sq.