equitable mortgage

Definition of "equitable mortgage"
  1. An equitable mortgage is a form of security interest where the transaction doesn't have the appearance of a mortgage in its typical sense, but is treated as one by the law due to the intentions of the involved parties
How to use "equitable mortgage" in a sentence
  1. The court ruled that the agreement was an equitable mortgage as the parties had the intention of creating a security interest, yet it lacked the formal characteristics of a mortgage.
  2. An equitable mortgage was established in the case, as though it wasn't a mortgage in the traditional sense, the intent of the parties indicated they wanted it to function as one.
  3. The absence of formalities in their agreement did not neglect the fact that an equitable mortgage was in place as the intent of the parties was clearly to create a mortgage-like transaction.

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