1518 MORTGAGES. [ART. 66

1904, art. 66, sec. 1. 1888, art. 66, sec. 1. 1860, art. 64, sec. 1. 1825, ch. 203, sec. 2.

1. Every deed conveying real estate or chattels, which by any other
instrument or writing shall appear to have been intended only as a
security in the nature of a mortgage, though it be an absolute convey-
ance in terms, shall be considered as a mortgage, and the person for
whose benefit such deed shall be made shall not have any benefit or
advantage from the recording thereof, unless every instrument and
writing operating as a defeasance of the same, or explanatory of its
being designed to have the effect only of a mortgage or conditional
deed, be also therewith recorded.

The failure to record the defeasance causes the beneficiary to lose the
benefit which the recording would give him over subsequent bona fide
purchasers; contra, as to a subsequent grantee with notice. McComas v.
Amos, 29 Md. 159.

Although the defeasance was not recorded, the deed is valid as between
the parties, and equity has jurisdiction to enforce the same as a lien in the
nature of a mortgage. Harrisou v. Morton, 87 Md. 674. See also, Owens v.
Miller, 29 Md. 159.

This section does not apply to the case of a deed absolute upon its face,
and where no other instrument was executed, though the deed was intended
merely as security. Ing vc. Brown, 3 Md. Ch. 522.

An agreement held not to be a defeasance, and hence, not required to be
recorded under this section. Snowden v. Pitcher, 45 Md. 264. And see
Waters v. Riggln, 19 Md. 553.

What is a defeasance? Hoffman v. Gosnell, 75 Md. 588.

Design of this section. Gill v. Griffith, 2 Md. Ch. 286.

This section applied. Waters v. Biggin, 19 Md. 553; Charles v. Clagett, 3
Md. 89.

The act of 1825, ch. 203, held to have no application. Preston v. Leighton,
6 Md. 98.

Cited but not construed in Clabaugh v. Byerly, 7 Gill, 361.

Ibid. sec. 2. 1888, art. 66, sec. 2. 1860, art. 64, sec. 2. 1825, ch. 50.
1872. ch. 213. 1882, ch. 471.

2. No mortgage or deed in the nature of a mortgage shall be a lien
or charge on any estate or property for any other or different principal
sum or sums of money than the principal sum or sums that shall appear
on the face of such mortgage and be specified and recited therein, and
particularly mentioned and expressed to be secured thereby at the time
of executing the same; and no mortgage or deed in the nature of a
mortgage shall be a lien or charge for any sum or sums of money to
be loaned or advanced after the same is executed, except from the time
said loan or advance shall be actually made; and no mortgage to se-
cure future loans or advances shall be valid unless the amount or
amounts of the same and the times when they are to be made shall be
specifically stated in said mortgage; this not to apply to mortgages to
indemnify the mortgagee against loss from being endorser or security,
nor to any mortgages given by brewers to maltsters to secure the pay-
ment to the latter of debts contracted by the former for malt and other
material used in the making of malt liquors.

Application of this section.

This section held: to have no application to a deed of trust for the benefit
of creditors. If such a deed were held to be a mortgage, this section would
apply. Bank of Commerce v. Lanahan, 45 Md, 408.