Explain the following: Main characteristics of the Equitable Mortgage.

The main characteristics of the Equitable Mortgage are as under: Debt even time barred, present and future advances are covered under the equitable mortgage. In other types of mortgage, future advances are not covered. It is not necessary for creation of mortgage that the property be located in the specified town or the company making deposit should have its registered office in that town. This deposit can be made by the Company through its nominee or agent duly authorized. Intent to create security by deposit of title deeds should be present at the time of such deposit in the mortgagor. Neither ownership nor possession of the property passes to the mortgagee under the equitable mortgage.