K.J.Nathan vs S. V. Maruty Reddy And Others on 11 February, 1964
60.However, this by no stretch means that the concept of equitable mortgage
has no place in the Indian jurisprudence. The concept of equitable mortgage
is purely a creation and by-product of the doctrine of equity, and thus, the
Civil Appeal No. 1565 of 2025 Page 52 of 59
absence of any specific provision under the Act, 1882 providing for such a
mortgage will not run to the detriment of something which is essentially de-
signed to ensure that principles of fair-play, good conscience and justice en-
dure. There is no decision which either specifically excludes or outrightly
rejects the application of this doctrine. Rather, the subsequent decision of
this Court in K.J. Nathan (supra) it was specifically stated that although the
concept of equitable mortgage as evolved under the English Law cannot be
considered to be a rule of law, which as also discussed by us in the forego-
ing paragraphs is by-product of doctrine of equity and not the law of the
land, yet they may serve as a guide. The relevant observations read as un-
der: -