equitable mortgage

Since little turns on this distinction, the term "charge" is often used to include an equitable mortgage.

Based on this definition, there are numerous situations which could lead to an equitable mortgage.

If a legal mortgage is not completed in this manner it will normally take effect as an equitable mortgage.

Generally speaking, an equitable mortgage has the same effect as a perfected legal mortgage except in two respects.

Bad roots of title include leases (when one is conveying the freehold), wills and equitable mortgages.

Under the laws of some jurisdictions, a mere deposit of title documents can give rise to an equitable mortgage.

Mr. Portman also failed to make a payment scheduled Sept. 1 on his Equitable mortgage.

Williams threatened Bayley with criminal prosecution, so Bayley made an equitable mortgage to get back the notes.

If a charge includes this right (such as private sale by a receiver), it is really an equitable mortgage (sometimes called charge by way of mortgage).

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.

(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.)

Thus if A borrows money from B, and deposits with B the title-deeds of his land as security for the loan, B has an equitable mortgage on A's land.

The limitation period for legal mortgages (as opposed to equitable mortgages) that vest in the Crown before the end of the 12th year of the limitation period is extended to 30 years.

Only weeks ago, John Portman, a large developer, was forced to give up control of Peachtree Center, a huge office and retail complex in Atlanta, after he failed to make payments on a $333 million Equitable mortgage.

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.

In an equitable mortgage the lender is secured by taking possession of all the original title documents of the property and by borrower's signing a Memorandum of Deposit of Title Deed (MODTD).

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.

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.

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.

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.