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Apr 28, 2025

SC Rules that Legal Mortgage Created by Depositing Title Deeds Would Take Precedence Over Equitable Mortgage Created by Depositing Part Title-Deeds

The SC in Cosmos Co. Operative Bank Ltd. v. Central Bank of India,[1] has held that a ‘legal mortgage’ will hold precedence over an ‘equitable mortgage’, irrespective of whether the ‘equitable mortgage’ is created earlier in time. The SC held that a mortgage over immovable property, created by depositing title-deeds, in accordance with Section 58(f) of the Transfer of Property Act, 1884, is a ‘legal mortgage’, and takes precedence over a mortgage created by depositing part-deeds or documents purporting title or evincing intention of parties to create an interest, which is only in the nature of an ‘equitable mortgage’. The SC further held that while a legal mortgage would take priority, an equitable mortgage may still be enforced as a secondary charge on the property.

[1] Cosmos Coop. Bank Ltd. v. Central Bank of India, 2025 SCC OnLine SC 352.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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