"The deposit of a document of title will create in equity a charge upon the property to which the document relates. See Yaro vs Arewa Construction Ltd & 2 Ors (2007) 17 NWLR (Pt. 1063) 333 at 369. Even if the parties did not execute Exhibit N4 the mere deposit of the customary title by the Appellant with the 1st Respondent would have created an equitable charge upon the property to which the title document relates to the extent of the Appellant who made the deposit. This is because it is a well established rule of equity that a deposit of document of title without writing or word of mouth will create an equitable charge upon the property to which the document relates to the extent of the person who makes the deposit. See Usenfowokan vs. Idowu (1975) 5 U.I.L.R. 39. Although Exhibit N4 described the transaction between the parties as a mortgage, learned counsel for the Appellant contended that it was a pledge. That is a mere distinction without a difference. The deposit of the title document by the Appellant as a collateral created in equity a charge upon the property to which the title document relates. There was therefore no basis for the complaint that it was a pledge and not a mortgage. That does not discharge the Appellant from liability."

Per ABIRIYI, J.C.A.CHUKWUOKEKE v. NIGERIA AGRICULTURAL CO-OP & RURAL DEVT BANK LTD & ORS CITATION: (2018) LPELR-45037(CA)