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The HC dismissed the petition, upholding the Appellate Court's decision to set aside the impugned judgment. The Court determined that in an equitable mortgage, registration is not compulsory, and borrowers can sell mortgaged property without the lender's knowledge. ARCL, as SBI's assignee, failed to establish a valid equitable mortgage as they possessed only a lodgment receipt rather than the actual title deeds. Applying principles from precedent cases, the Court found that a first mortgagee who negligently allows title deeds to remain with the mortgagor (enabling subsequent fraudulent loans) can be postponed in priority to a second mortgagee. The Court concluded the appellant's negligence in securing proper documentation justified the Appellate Court's ruling.
The HC dismissed the petition, upholding the Appellate Court's decision to set aside the impugned judgment. The Court determined that in an equitable mortgage, registration is not compulsory, and borrowers can sell mortgaged property without the lender's knowledge. ARCL, as SBI's assignee, failed to establish a valid equitable mortgage as they possessed only a lodgment receipt rather than the actual title deeds. Applying principles from precedent cases, the Court found that a first mortgagee who negligently allows title deeds to remain with the mortgagor (enabling subsequent fraudulent loans) can be postponed in priority to a second mortgagee. The Court concluded the appellant's negligence in securing proper documentation justified the Appellate Court's ruling.
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