Mortgage is transfer of interest in an immovable property to secure an advanced loan, or an existing debt or a future debt or Performance of an obligation. Transfer of Property Act Contemplates six types of mortgage, they are...
a) Simple Mortgage
b) Mortgage by Conditional sale
c) Usufructuary Mortgage
d) English Mortgage
e) Mortgage by Deposit of title deeds
f) Anomalous Mortgage
In simple mortgage, the mortgage is by deposit of title deeds and in English mortgage. the possession of the mortgaged properties is not given to the mortgagee.
In usufructuary mortgage and in mortgage by conditional sale, possession of mortgaged properties is normally to the mortgage.
In the case of simple mortgage and mortgage by deposit of title deeds, the mortgagee has a right to proceed against the property mortgaged and also personally against the mortgagor.
Mortgage is to be created b y ay of deed and requires to be registered under the Registration Act.
Mortgage by deposit of title deeds, is not required to be created by ay of a deed and does not require registration.
The rule of priority in case of successive mortgages is in the order of time they are created.
Limitation period for filing a suit for sale of mortgaged property is twelve years from the dat mortgage debt becomes due.
a) Simple Mortgage
b) Mortgage by Conditional sale
c) Usufructuary Mortgage
d) English Mortgage
e) Mortgage by Deposit of title deeds
f) Anomalous Mortgage
In simple mortgage, the mortgage is by deposit of title deeds and in English mortgage. the possession of the mortgaged properties is not given to the mortgagee.
In usufructuary mortgage and in mortgage by conditional sale, possession of mortgaged properties is normally to the mortgage.
In the case of simple mortgage and mortgage by deposit of title deeds, the mortgagee has a right to proceed against the property mortgaged and also personally against the mortgagor.
Mortgage is to be created b y ay of deed and requires to be registered under the Registration Act.
Mortgage by deposit of title deeds, is not required to be created by ay of a deed and does not require registration.
The rule of priority in case of successive mortgages is in the order of time they are created.
Limitation period for filing a suit for sale of mortgaged property is twelve years from the dat mortgage debt becomes due.
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