76-251. Deed intended as mortgage; recording; effect.

Every deed conveying real estate, which, by any other instrument in writing, shall appear to have been intended only as a security in the nature of a mortgage, though it be an absolute conveyance in terms, shall be considered as a mortgage. The person for whose benefit such deed shall be made shall not derive any advantage from the recording thereof, unless every writing operating as a defeasance, or explaining its effect as a mortgage, or conditional deed, is also recorded therewith and at the same time.

Source:R.S.1866, c. 43, § 29, p. 286; R.S.1913, § 6223; C.S.1922, § 5622; C.S.1929, § 76-228; R.S.1943, § 76-251.