Banking · Equitable Mortgage

An equitable mortgage is a popular method of creating a charge on immovable property in India, specifically in notified towns. Consider the following statements: Statement I: An equitable mortgage can be created in any part of India as long as the property is located in a notified town, regardless of where the documents are delivered. Statement II: According to the Transfer of Property Act, 1882, the delivery of title deeds must be made to the creditor or his agent with the specific intention of creating a security thereon. Statement III: An equitable mortgage does not require a written agreement or memorandum; the mere act of depositing the documents is sufficient to create the charge. Which of the statements given above are correct?