Query on equitable mortgage / mortgage by deposit of title deeds

As regards creation of equitable mortgage (Section 58 (f) of Transfer of Property Act), it is not legally essential that the property, offered as a security, should be located in a notified town. The legal requirement is that the title deeds should be deposited with the lender in a notified town irrespective of the location of the property. What if the the title deeds accepted/deposited in an un-notified town but kept at the notified town, has the equitable mortgage come into being and the transaction legally valid ? If not what can be done to make the equitable mortgage so created legally enforceable