equitable mortgage
- 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
- 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.
- 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.
- 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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