https://www.taxtmi.com/caselaws?id=461063 An equitable mortgage can be created by deposit of certified copies of title deeds, and the use of copies instead of originals does not by itself invalidate the prior mortgage. Section 78 of the Transfer of Property Act may nevertheless postpone a prior mortgagee where that mortgagee's fraud, misrepresentation, or gross neglect enables a later lender to advance money on the same security. On the stated facts, accepting certified copies without adequate verification and failing to promptly inquire about the missing originals was treated as gross neglect, so the prior mortgagee was postponed in favour of the subsequent mortgagee. en-us Wed, 22 Jul 2009 00:00:00 +0530 Mon, 10 Mar 2025 15:22:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461063 An equitable mortgage can be created by deposit of certified copies of title deeds, and the use of copies instead of originals does not by itself invalidate the prior mortgage. Section 78 of the Transfer of Property Act may nevertheless postpone a prior mortgagee where that mortgagee's fraud, misrepresentation, or gross neglect enables a later lender to advance money on the same security. On the stated facts, accepting certified copies without adequate verification and failing to promptly inquire about the missing originals was treated as gross neglect, so the prior mortgagee was postponed in favour of the subsequent mortgagee. Case-Laws Indian Laws Wed, 22 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461063