Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

sarvesh kanungo (n/a)     27 December 2011

Mortgage

In case of  simple mortgage one can create one mortgage and then second mortgage with the preferance of first one on the similer property, but  whether  a person can do a "Mortgage by Declaration" on the property which is already mortgaged by a Simple Mortgage?
 



Learning

 1 Replies

pervez (adviser)     28 December 2011

The earlier mortgage shall have preferance over all subsequent mortgage... In Transfer of property Act, there is no procedure / provision for creation of mortgage by way of mere declaration.... such mortgage will have no legal validity .... Needless to mention that simple mortgage requires cumpolsory registration with concerned sub-registrar...


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register