1. This is an appeal by the 1st defendant in a suit for money due to the plaintiff Bank under a loan transaction.

2. The Dhanalakshmi Bank Limited (hereinafter referred to as the Bank) granted a loan of Rs.50,000/- to the 1st defendant for purchase of a fishing boat. As security for the loan the three defendants jointly executed Ext.A1 demand promissory note for Rs.50,000/- in favour of the Bank on 26-11-1976. The 1st defendant also executed a Hypothecation deed Ext.A2 on the same day, hypothecating the boat called 'Sindhu' purchased utilising the loan amount. As collateral security Exts. A3 to A5 title deeds of immovable properties of the defendants were deposited with the Bank by way of equitable mortgage as per three memoranda of deposits of title deeds marked as Exts.A6 to A8. After availing the loan, the defendants have also acknowledged their liability under the loan transaction as per Exts.A9 and A10 dated 26-7-1979 and 23-10-1981 respectively. Since the defendants failed to repay the loan in full, the plaintiff Bank instituted the present suit for realisation of a total sum of Rs.58,921.40 with 18.5% interest per annum from the date of suit till realisation and c