An equitable mortgage can be created by merely depositing title deeds with a lender, without needing to prepare a written deed. However, if a written deed is prepared for the deposit, it must be executed and registered. While a memorandum of deposit need not be registered, noting is now mandatory under law for unregistered deed deposits in notified towns, except where the deed is registered. The stamp duty for equitable mortgages is 0.2% of the security amount.