Pledge .
pratik
(Querist) 05 August 2010
This query is : Resolved
Pledge means possessing the movable property whereas Hyphothecation is possessed on immovable property. Possession of property will be with the lender in case of hyphothecation possession of property will be with borrower itself.
Query : Which sections says the above mentioned ones. Also Difference between Lien & morgagte because i think both the defination are same. Also which sections says the defination of pledge, mortgage, Hypotehication & lien.
Thanks In Advance.
Thanks In Advance.
Dr. Jyothi Vishwanath
(Expert) 06 August 2010
Please refer Indian Contract Act,1872 for the definition of pledge and Section 58 of the Transfer of property Act for the definition of mortgage.
in mortgage, always immovable property is involved but lien can be exercised on both movable and immovable property.
lien is resorted to generally by a creditor/banker/seller when you are unable to pay back his dues. he has right to retain the goods in his possession.
one can mortgage his immovable property when he is in need of money.
