Grady v. T. I. Harris Inc.

A written instrument which by its terms passes title from vendor to vendee as security for a debt and which contains no defeasance clause is a deed or bill of sale to secure a debt, and is not a mortgage. The title conveyed thereunder does not automatically revert to the vendor on payment of the debt, but continues thereafter in the vendee, and is not divested until the performance of some act, as a reconveyance from the vendee to the vendor, or the cancellation and surrender of the instrument by .the vendee as required by statute. Civil Code (1910), §§ 3270, 3309. Where, however, a written…