law of mortgages
B.Vijay Kumar
(Querist) 17 July 2008
This query is : Resolved
what is motrgage and how many kind of motrgages are there.
Srinivas.B.S.S.T
(Expert) 17 July 2008
Mortagage: A right in Re, Aliena, a mortagage is a security given by person for ensuring and facilitating the fulfillment of some obligation undertaken by him. Usually such obligation would be repayment of a debt.
Types of Mortagage
1) simple mortagage
2) Mortagage by conditional sale
3)Usufructuary Mortagage
4) English Mortagage
5) Mortagage by deposit of title deeds
6) Anomalous mortagage.
You can find the detailed description in Section 58 of Transfer of Property Act
Guest
(Expert) 17 July 2008
Simple-mortgage. (b) Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly, that, in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied, so far as may be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.
Mortgage by conditional sale.-(c) Where the mortgagor ostensibly sells the mortgaged property –
on condition that on default of payment of the mortgage-money on a certain date the sale shall become absolute, or
on condition that on such payment being made the sale shall become void, or
on condition that on such payment being made the buyer shall transfer the property to the seller,
the transaction is called a mortgage by conditional sale and the mortgagee a mortgagee by conditional sale:
1*[Provided that no such transaction shall be deemed to be a mortgage, unless the condition is embodied in the document which effects or purports to effect the sale.]
Usufructuary mortgage.- (d) Where the mortgagor delivers possession 1*[or expressly or by implication binds himself to deliver possession] of the mortgaged property to the mortgagee, and authorizes him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property 2*[or any part of such rents and profits and to appropriate the same] in lieu of interest, or in payment of the mortgage-money, or partly in lieu of interest 3*[or] partly in payment of the mortgage-money, the transaction is called an usufructuary mortgage and the mortgagee an usufructuary mortgagee.
English mortgage.-(e) Where the mortgagor binds himself to re-pay the mortgage- money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will retransfer it to the mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage.
Mortgage by deposit of title-deeds.-4*[(f) Where a person in any of the following towns, namely, the towns of Calcutta, Madras, 5*[and Bombay], 6*** and in any other 1*town which the 2*[State Government concerned] may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immoveable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds
Anomalous mortgage.-(g) A mortgage which is not a simple mortgage, a mortgage by conditional sale, an usufructuary mortgage, an English mortgage or a mortgage by deposit of title-deeds within the meaning of this section is called an anomalous mortgage.]
SANJAY DIXIT
(Expert) 17 July 2008
Dear Vijay,
Why have you repeated the querry so many times?
Srinivas.B.S.S.T
(Expert) 18 July 2008
repetition is becoming a common practice in this forum.
Guest
(Expert) 18 July 2008
I feel it is technical error. The reply after submission does not go off the screen, it stays for sometime. Then we tend to doubt whether we have submitted or not and press another time, thus this problem starts.
Technical team should try and sort it. Even my forum messages get repeated.
SANJAY DIXIT
(Expert) 18 July 2008
Yes, dear Kotresh, it may be a major reason.
I agree with you.
