490. Right of equitable mortgagee by deposit to retain title deeds.

490.     Right of equitable mortgagee by deposit to retain title deeds.

An equitable mortgagee by deposit of title deeds1 is entitled to retain the deeds until payment or tender of the amount due on his security2, and until then the mortgagor has no direct claim to recover the deeds; but if a proper tender has been made and refused, the mortgagor, in a claim for redemption or other suitable proceeding, may obtain an order for delivery of the deeds on payment into court of a stated sum sufficient to cover principal, interest and costs3.