Walker v. Wood

This is a suit for the purpose of having a deed absolute declared to be a mortgage, for discovery, accounting and cancellation of the deed upon proof of payment of the debt secured.

The Chancellor held:(1) That the transaction resulted in a mortgage.(2) That the debt was not paid as promised,(3) That the debtor surrendered possession to the mortgagee as absolute owner - and orally released his equity of redemption for the consideration stipulated in the original written agreement and confirmed the release by a subsequent written instrument.(4) That thereafter the mortgagor occupied the…