What is mortgage and its essentials?
Meaning of Mortgage -
The Transfer of Property Act, Chapter 4 Section 58 to 99 deals with the provision of mortgage.
Mortgage is the most important kind of Security. The Essential nature of mortgage is that it is a transfer of interest a specific immovable property. Mortgage is not a transfer of absolute interest in the property mortgaged like sale or gift.
Definition of Mortgage -
Definition of mortgages given under Section 58(a) : 'mortgage' , 'mortgagor', 'mortgagee' , ' mortgage- money' and mortgage-deed -
A mortgage is the transfer of an interest in a specific immoveable 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.
Mortgagor -
The transferor is called a mortgagor.
Mortgagee -
The transferee a mortgagee.
Mortgage-money -
The principal money and interest of which payment is secured for the time being are called the mortgage-money.
Mortgage-deed -
The instrument (if any) by which the transfer is effected is called a mortgage-deed.
Essentials of mortgage
1) There must be a transfer of interest.
There is no transfer of ownership but transfer of interest only for the purpose of securing payment of money by way of loan. The right of mortgagee is only an accessory right, which is intended merely to secure the due payment of Debt. Mortgage is simply a transfer of interest in the immovable property while the ownership still remain with the mortgagor.
There is no transfer of ownership but transfer of interest only for the purpose of securing payment of money by way of loan. The right of mortgagee is only an accessory right, which is intended merely to secure the due payment of Debt. Mortgage is simply a transfer of interest in the immovable property while the ownership still remain with the mortgagor.
2) There must be specific immovable property intended to be mortgaged .
The immovable property must be distinctly specified. The description of the property in the mortgage deed must be sufficient to identify the property.
3)The transfer must be made to secure the payment of a loan or to secure the performance of a contract. The consideration of mortgage maybe either
A) money advanced or to be advanced by way of loan.
B) an existing or future Debt,
C) performance of an engagement giving rise to pecuniary liability.
Check it out..... Types/kinds of Mortgage
Check it out..... Types/kinds of Mortgage
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