Beasley, J.

1. The facts in this case are briefly as follows: The defendant was indebted to the plaintiff in the sum of Rs. 62,000 odd in respect of partnership dealings, that being his alleged ascertained share of losses of the partnership. In respect of that Rs. 62,000, the defendant executed a promissory note and having executed the promissory note on 26th May 1923 he entered into an agreement which is called memorandum of agreement relating to the deposit of title-deeds and in that agreement it is recited amongst other things after setting out the ascertained liability of the defendant:

Whereas the said C. Jagannatham Pillai has further agreed to deposit the title deeds relating to his properties his properties are then described by way of equitable mortgage to secure the repayment of the amount and interest covered by the promissory note dated 25th May 1923 executed by him.

2. It further recites that:

C. Jagannatham Pillai shall deposit the title-deeds set out in the schedule to the agreement to create thereby an equitable mortgage to secure the repayment of the amount and interest covered by the promissory note.

3. These, I think, are the only words which it is necessary i