Massari v. Girardi

The pleadings admit the making of a deed as security for specific loans, payments, advances and moneys to be advanced and “ for no other purpose.” The deed was, therefore, a mortgage and must be so held in equity, although absolute on its face. Mooney v. Byrne, 163 N. Y. 86; Horn v. Keteltas, 46 id. 605; Sheldon v. McFee, 216 id. 618. The equity of redemption is inseparably associated with a mortgage and the essential characteristic thereof, so that, whenever it appears that a deed was given as security, the right to redeem always exists in equity. Such a deed is a mortgage by operation of…