Direct Answer
An Equitable Mortgage (Mortgage by Deposit of Title Deeds) under Section 58(f) of the TPA is created simply by delivering property documents to a creditor in specified towns with the intent to secure a debt.
Essentials of Equitable Mortgage:
• Debt: There must be an existing or future debt.
• Deposit: Physical delivery of original title deeds.
• Location: Must be transacted in towns explicitly notified by the State Government (e.g., Mumbai, Kolkata, Chennai).
• Debt: There must be an existing or future debt.
• Deposit: Physical delivery of original title deeds.
• Location: Must be transacted in towns explicitly notified by the State Government (e.g., Mumbai, Kolkata, Chennai).