In Morgan v. Pike, 14 C.B. 473; 2 C.L.R. 696, it was held that a mortgagee who has made a loan on mortgage, but has not executed the mortgage deed (which has been executed by the mortgagor only) is bound to give effect to a proviso therein contained for the reduction of the rate of interest on punctual payment, or for allowing the loan to remain on mortgage for a certain time.
Get a full legal research memo!
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexsei.com.