Explain the reasons in brief for the following statements in the context of practices prevailing under the banking : (iii) While creating equitable mortgage, nothing in writing should be obtained from the person creating

If any instrument is signed by the mortgagor while he creates an equitable mortgage, it may be contended that the mortgage is a registered mortgage. It is inadmissible as evidence, as no stamp duty has been paid on it. The documents has not been registered with Registrar of Assurances. Therefore nothing in writing be obtained from the person who is creating an equitable mortgage.