Enquiry about equitable mortgage
Ramesh N
(Querist) 18 June 2009
This query is : Resolved
Is deposit of tax demand register extract and EC are enough for creation of equitable mortgage. As I remember there is one Supreme Court decision to the effect that "Mere deposit of tax paid receipt is enough for creation of mortgage by deposit of title deeds". As such can I get some precedent judgments on the subject matter.
a.manoharan
(Expert) 18 June 2009
I also heard the same. Let us try to get the said judgement from other experts
Y V Vishweshwar Rao
(Expert) 19 June 2009
DearFriends !
Your View is correct , Deposit of title Deed of any nature pertainign to a property with an intention to Create Security for repayment of any liablity /debt /due is equitable Mortgage !
What are the docuemtns is the question ?
Where there are no other Regd Ttile deeds and the available documents inrespct of the property are not questionable and no one can disputes the title of the Mortgagor and the said documents , the same may be working out !
It is for the Mortgagee to accept the Title Deeds as Equitabel Mortgage - The Mortgagee will always verifiy the Enforceability of the Mortgage by the Avialable documents of proerty
If the Mortgagee is satisfied , the documents can be deposited by as EM
Ramesh N
(Querist) 19 June 2009
What exactly the definition of "TITLE DEEDS" in respect of immovable properties?
Uma parameswaran
(Expert) 20 June 2009
Possession certificate is also necessary.According to my opinion title deed of immovable property states the nature of transaction ,the name of the parties , the discription about the property ,date of transaction and its validity.
