Professional Documents
Culture Documents
What Is An Equitable Mortgage?
What Is An Equitable Mortgage?
What Is An Equitable Mortgage?
MORTGAGE
What is an equitable
mortgage?
One which lacks the proper formalities, form or words or other requisites
prescribed by law for a mortgage, but shows the intention of the parties to
make the property subject of the contract as security for a debt and
contains nothing impossible or contrary to law
Remedy is reformation.
An equitable mortgage is one which although lacking in some formality, or
form or words, or other requisites demanded by a statute, nevertheless
reveals the intention of the parties to charge real property as security for a
debt, and contains nothing impossible or contrary to law.