Equitable Mortgage
Legal Definition and Related Resources of Equitable Mortgage
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Meanings, Synonyms, Etymology, Translations and More
Meaning of Equitable Mortgage
An equitable interest analagous to a legal mortgage and generally arises where the mortgage instrument is not effective as a mortgage at law. A transaction which vests a grantee - mortgagee with a right to bring action for foreclosure in the event that the obligation of the grantor - mortgagor is not performed. The doctrine has also been extended to other cases such as where a deed is granted in form that is absolute but in fact was intended to secure an indebtedness. See McCool v Ayres, 192 N.E.2d 636.
Equitable Mortgage Alternative Definition
A lien upon real estate of such a character that it is recognized in equity as a security for the payment of money, and is treated as a mortgage. A transaction to which equity attaches the character of a mortgage, without regard to the intention of the parties. For example, a deposit of title deeds as security (Story, Eq. Jur. § 1020; 5 Wheat. [U. S.] 277), or the giving of an absolute deed as security (96 U. S. 332; 113 Mass. 149; 46 N. Y. 605). A mortgage upon a purely equitable interest in lands.
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This definition of Equitable Mortgage is based on the The Cyclopedic Law Dictionary. This entry needs to be proofread.
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English Legal System: Equitable Mortgage
In the context of the English law, A Dictionary of Law provides the following legal concept of Equitable Mortgage: (equitable charge)
A *mortgage under which the mortgagee does not obtain a legal estate in the land. An equitable mortgage may arise as follows:
(1) If the mortgagor has only an *equitable interest in the land, he can only grant an equitable mortgage. For example, a mortgage granted by a beneficiary under a *trust of land could only be equitable.
(2) An equitable mortgage will arise if the mortgage is made by deed (a requirement for legal mortgages). The contract for the mortgage must nevertheless be made in writing.
Concept of Equitable Mortgage in the context of Real Property
Alternatives definitions of Equitable Mortgage: (1) A lien against real property (mortgage) which is enforceable in a court of equity, but does not legally constitute a mortgage. (2) A deed given as security for a debt will be held to be a mortgage rather than a transfer of title. Also called a constructive mortgage.
Concept of Equitable Mortgage in the context of Real Property
Alternatives definitions of Equitable Mortgage: (1) A lien against real property (mortgage) which is enforceable in a court of equity, but does not legally constitute a mortgage. (2) A deed given as security for a debt will be held to be a mortgage rather than a transfer of title. Also called a constructive mortgage.