§ 320. Certain deeds deemed mortgages. A deed conveying real property,
which, by any other written instrument, appears to be intended only as a
security in the nature of a mortgage, although an absolute conveyance in
terms, must be considered a mortgage; and the person for whose benefit
such deed is made, derives no advantage from the recording thereof,
unless every writing, operating as a defeasance of the same, or
explanatory of its being desired to have the effect only of a mortgage,
or conditional deed, is also recorded therewith, and at the same time.