equitable mortgage
Definition
That does not meet the requirements of a legal mortgage but comes into effect by an agreement to create a legal mortgage or by the creation of an equitable charge such as for the repayment of a loan. It gives the mortgagee the right to foreclose on the property, sell it, or appoint a receiver in case of non payment.
equitable mortgage is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
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