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.
B.Vijay Kumar
(Querist) 17 July 2008
what is motrgage and how many kind of motrgages are there.
B.Vijay Kumar
(Querist) 17 July 2008
what is motrgage and how many kind of motrgages are there.
SANJAY DIXIT
(Expert) 17 July 2008
Mortgage:
Mortgage has been defined in Section 58(a) of Transfer of Property Act as "the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability"
The transferor is called a 'mortgagor', the transferee a 'mortgagee' and the principal money and interest of which payment is secured for the time being are called the 'mortgage money' and instrument (if any) by which the transfer is affected is called a 'mortgage deed'.
Types of Mortgage:
1. Simple Mortgage
2. Mortgage by Conditional Sale
3. Usufructuary Mortgage
4. English Mortgage
5. Mortgage by deposit of title Deed
6. Anomalous mortgage
K.C.Suresh
(Expert) 19 July 2008
Mr. Vijay, I have forwarded an article by name MORTGAGE article section of LCI. Please go through the same.
