Clog on redemption

Querist : Anonymous (Querist) 17 December 2011 This query is : Resolved
what is clog on redemtion.

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Guest (Expert) 17 December 2011
where one of the terms arranged between the mortgagor and the mortgagee was that the mortgagee should have a right of preemption in case the mortgagor wishes to transfer the property to a third party, such a condition operates as a clog on the right of redemption of the vendee from the mortgagor. it is euitable remedy

Devajyoti Barman (Expert) 18 December 2011
Please refer to Transfer of Property Act. This is not a law school.

Raj Kumar Makkad (Expert) 18 December 2011
What is generally understood by the term mortgage is a conveyance of land or other immovable property as security for the payment of money. Such mortgage is made to secure the repayment of money, which is borrowed by the owner of property mortgaged. The first essential immutable characteristic of a mortgage is the mortgagors right to redeem. The idea of mortgages seems to have arisen in Roman law where due performance was secured by “pressurizing the debtors will or causing him inconvenience” by keeping him out of possession or ownership so that he can repay the money as early as possible. This was a very primitive way of dealing with the debtor but probably was in tune with the time.

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