222. Equitable mortgage by deposit of title deeds.

Until 27 September 19891 a good security in equity could be created by the deposit of the title deeds of freehold or freehold or leasehold property2. The deposit could be to secure the debt of a third person3. A deposit of title deeds was regarded as an imperfect mortgage which the mortgagee was entitled to have perfected, or as a contract for a legal mortgage which gave to the party entitled all such rights as he would have had if the contract had been completed