Receipt Of Title Deeds On Mortgage By Deposit Of Title Deeds

It is no doubt true that Sec 58 (f) of the Transfer of Property Act, 1882 relating to deposit of title deeds is derived from the English Law of equitable mortgage. But, in construing this provision, courts are not bound

by the principles of equity as laid down in the English decisions on the matter. English Courts have worked out the concept of an equitable mortgage by regarding it as a mortgage that has not been perfected, an executory assurance which Courts of Equity will, as between parties, treat as an actual assurance. But, so far as the law in India is concerned, the matter is governed by statute which must be construed according to its tenor and context.

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