Confirmation of EM

Are you a banker?

If you are a banker act as per the laid down procedure in the circular/directive/Manual of your bank

Before such registration of memorandum, there was no practice of sending any acknowledgment, and it is simply stated in bank records that with an intent to create EM, so and so has deposited the title deeds shown in the schedule with the signature of authorized officials.

The sanction letter itself and utilizing is itself a confirmation that EM was created before releasing the sanctioned amount.

In response to your query,

The borrower hands up the immovable property to the creditor and the documents serve as security in the case of a mortgage by deposit of title-deeds. A transaction may be recorded in a memorandum, but such a memorandum would not be construed as an instrument of mortgage, but rather as evidential, and thus would not require registration, unless the memorandum includes terms and conditions pertaining to deposit in the form of a document, creates right, liability, or extinguishes, in which case it would be required to register under Section 17(1)(c) of the Registration Act. Thus, a document that only records an already completed transaction and does not generate any rights or liabilities does not need to be registered.

The original deeds were placed with the bank, and the charge of mortgage can be put into the revenue record in respect of the mortgage by deposit of title documents, eliminating the need for an instrument of mortgage.

Regards,

Aryan Raj 

What is the context for this query?

Banks obtain this memorandum after one day or more days after the actual deposit date of original title deed, which is itself an acknowledgment.  The first sentence in Memorandum reads more or less with these wording.  "For the advances allowed already, or from time to time in the account of..............................., I/we have deposited the following original title deeds, as a security for the advance, within intent to create the mortgage.