Is sign of mortgagee required in mortgage by deposit of title deed

In the case of mortgage by deposit of title-deeds the immovable property is handed to the creditor by the borrower and documents stands as security. Entire transaction may be recorded in a memorandum but such memorandum would not be construed as an instrument of mortgage but merely evidential and thus not requiring registration, unless the memorandum includes terms and conditions pertaining to deposit in the form of a document, creates right, liability or extinguishes, which will require registration under Section 17(1)(c) of the Registration Act. Thus what is to be understood is that a document merely recording a transaction which is already concluded and which does not create any rights and liabilities do not require registration.