https://www.taxtmi.com/caselaws?id=359432 An equitable mortgage by deposit of title deeds is valid where the borrower deposits the deeds with an intention to create security, and no registered mortgage deed is required unless one is executed. On the facts, the borrower confirmed the deposit with that intention, so the bank became mortgagee from the date of deposit. The revenue authorities' claim to sell the same property for recovery of dues did not override the bank's prior secured interest, because the recovery provisions invoked contained no specific statutory priority in favour of the State over a secured creditor. The bank's mortgage was upheld and the impugned orders were quashed. en-us Mon, 16 Oct 2017 00:00:00 +0530 Mon, 30 Apr 2018 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359432 An equitable mortgage by deposit of title deeds is valid where the borrower deposits the deeds with an intention to create security, and no registered mortgage deed is required unless one is executed. On the facts, the borrower confirmed the deposit with that intention, so the bank became mortgagee from the date of deposit. The revenue authorities' claim to sell the same property for recovery of dues did not override the bank's prior secured interest, because the recovery provisions invoked contained no specific statutory priority in favour of the State over a secured creditor. The bank's mortgage was upheld and the impugned orders were quashed. Case-Laws Customs Mon, 16 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359432