[lawyerszone/include_top.htm]
[lawyerszone/include_left.htm]

 

 
A B C D E F G H I J K L M N O P Q R S T U V W Y Z

Equitable Mortgage Deed

Hints:- (a)  Registration note below ; (b) Stamp – see Stamp Act ; (c) Attestation—Necessary; (d)  Deposit with the mortgagee at certain place only of the title deeds of the property intended to be mortgagee is absolutely necessary; (c) There must be an express intention that the deeds shall be security for the debt.      

            MEMORENDUM OF AGREEMENT made this thirteenth day of January 1934 between ………. Son of ……….by cast ………by profession………..residing at……….hereinafter called the Mortgagee  WITNESSETH  that the mortgagor has alredy deposited with the mortgagee at 2, Bow bazaar Street , Calcutta the documents comprised in the schedule A hereto annexed with intent to creat a mortgage by deposit of title deeds in all the property comprised therein or to which the same rate and omoe fully described in schedule  B  hereunder for securing the repayment by the said mortgagor to the mortgagee on the………………day  of…………19 …………of the sum of  Rs.  2000/-(Rupees Two thousand) only which has been advanced by the said mortgagee to the said mortgagor, (the receipt whereof the said mortgagor hereby doth acknowledge) together with interest thereon at the rate of 12 per cent. Per annum, to be computed from the date hereof, and also for the payment of such further sum or sums as shall be due at any time or times hereafter, whilst the said documents shall continue in the possession of the said mortgagee. And the said  mortgagor hereby agrees at any time during the continuance of this security, upon the request of the said mortgagee, but at the cost of the said mortgagor, to execute in favor of the said mortgagee a legal  mortgage of  the said property, with such powers and provisions and in such form as the said mortgagee may require for better securing the  principal and interest accrued  thereon.

                        In witness whereof the said mortgagor has hereto set his hand and seal the day, month   and  the  year  first  above  written.

     SCHEDULE  A.

     List  of  title  deeds.   

  1. One Registered  sale of premises No. 22 Harriogton  Street , Calcutta, executed by …………. In favour of the mortgagor dated 27-7-82(three sheets ).   

  2. Rent receipt. 12 pieces.

    SCHEDULE   B.

    Description of the property.

 Witness:-   …………………………. 

                     ……………………….....

Executants.                                                                                                                                                                                                                           

1………………..

2……………….    

{N.B.—Equitable mortgages are sometimes created by borrowing money on a promissory note and depositing title deeds of immovable properties with the intention that the deeds shall be security for the debt. This intention is often on record that I have borrowed the sum of Rs………..only from intention that the deeds shall be security for the debt. This intention is often on record that I have borrowed the sum of Rs………..only from you  this day at  an  interest of ……… per cent .  per annum and   executed  a pro-note  in your favor and  I have deposited the under mentioned documents of title as security for the said debt. I further assure you that the properties of which the title deeds have been deposited are free from in cumbrances:  List of documents ………………..”    If   the memorandum is the contract of mortgage, so that it creates the mortgage, it must be registered. But if the mortgage is complete without the writing and the writing is merely a statement that the mortgage has been effected. That is , if the memorandum is the record of an entirely completed transaction and  does not constitute the bargain no registration is necessary.   


Print this page.

Back to Home
[lawyerszone/include_bottom.htm]