Legal Mortgage is a transfer of legal estate or interest in land or property for the purpose of securing the payment of debt. An Equitable Mortgage is the one in which the mortgagee does not obtain a Legal Estate. Under Equitable Mortgage the mortgagee has no power of sale or appointing a receiver. He can only do so, after applying to the court.
Note: Simply in legal mortgage there is a transfer of legal Estate or interest in the land or other property to mortgagee. In Equitable Mortgage the Mortgagee does not obtain legal Estate or interest in the land.
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