Equitable Mortgage

A lien upon real estate of such a character that it is recognized in equity as a security for the payment of money, and is treated as a mortgage. A transaction to which equity attaches the character of a mortgage, without regard to the intention of the parties. For example, a deposit of title deeds as security (Story, Eq. Jur. § 1020; 5 Wheat. [U. S.] 277), or the giving of an absolute deed as security (96 U. S. 332; 113 Mass. 149; 46 N. Y. 605). A mortgage upon a purely equitable interest in lands.