Upgrad LLM

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?
 

 
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adviser

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...

 
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