Know The Law | Difference Between 'Equitable Mortgage' And 'Legal Mortgage' Explained By Supreme Court
In a landmark decision, the Supreme Court of India has clarified the distinction between legal mortgage and equitable mortgage, highlighting the nuances of Section 58(f) of the Transfer of Property Act, 1882. The case involved the Cosmos Co-operative Bank and the Central Bank of India, addressing the issue of which mortgage held priority when both banks provided loans to the same borrowers. Case Background: The Cosmos Co-operative Bank Ltd. (Appellant)…
