225. Memorandum without deposit of title deeds.

A memorandum1 or agreement in writing showing an intention to deposit title deeds by way of mortgage or to charge the property comprised in the deeds was sufficient to create an equitable mortgage even if no deeds were in fact deposited2, and even if some of the deeds were not executed3. A written direction or consent that the deeds might be retained as a security was equally effective

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