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    Mortgage Deed

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    Iayushsingh Singh
    This document defines different types of mortgages under Indian law. It begins by defining a mortgage as the transfer of an interest in specific immovable property for the purpose of securing a loan or debt. The key types of mortgages discussed are: simple mortgage, mortgage by conditional sale, usufructory mortgage, English mortgage, and mortgage by deposit of title deeds/equitable mortgage. Each type has distinct features regarding possession of the property and the rights of the mortgagor and mortgagee.

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    Mortgage Deed

    Uploaded by

    Iayushsingh Singh
    54 views12 pages
    This document defines different types of mortgages under Indian law. It begins by defining a mortgage as the transfer of an interest in specific immovable property for the purpose of securing a loan or debt. The key types of mortgages discussed are: simple mortgage, mortgage by conditional sale, usufructory mortgage, English mortgage, and mortgage by deposit of title deeds/equitable mortgage. Each type has distinct features regarding possession of the property and the rights of the mortgagor and mortgagee.

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    This document defines different types of mortgages under Indian law. It begins by defining a mortgage as the transfer of an interest in specific immovable property for the purpose of securing a loan or debt. The key types of mortgages discussed are: simple mortgage, mortgage by conditional sale, usufructory mortgage, English mortgage, and mortgage by deposit of title deeds/equitable mortgage. Each type has distinct features regarding possession of the property and the rights of the mortgagor and mortgagee.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    54 views12 pages

    Mortgage Deed

    Uploaded by

    Iayushsingh Singh
    This document defines different types of mortgages under Indian law. It begins by defining a mortgage as the transfer of an interest in specific immovable property for the purpose of securing a loan or debt. The key types of mortgages discussed are: simple mortgage, mortgage by conditional sale, usufructory mortgage, English mortgage, and mortgage by deposit of title deeds/equitable mortgage. Each type has distinct features regarding possession of the property and the rights of the mortgagor and mortgagee.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 12

    MORTGAGE DEED

    Mortgage is defined under section 58 of the


    Transfer of Property Act, 1882
    A mortgage is the transfer of an interest in specific immovable property
    for the purpose of securing 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 pecuniary
    liability.
    The transferor is called a mortgagor, the transferee a mortgagee, the
    principal money and interest of which payment is
    secured for the time being are called the mortgage money, and the
    instrument (if any) by which the transfer is effected is
    called a mortgage deed.
    In case of mortgage there is transfer of an interest in an immovable
    property. The purpose of such transfer is to secure a loan
    Kinds of Mortgages
    1. Simple mortgage
    2. Mortgage by conditional sale
    3. Usufructory mortgage
    4. English mortgage
    5. Mortgage by deposit of title deeds/equitable mortgage
    6. Anomalous mortgage
    Simple mortgage
    In simple mortgage:
    (i) The mortgagor does not deliver possession of the mortgaged
    property.
    (ii) The mortgagor binds himself personally to pay the mortgage money.
    (iii) If the mortgagor fails to pay according to the contract then the
    mortgagee is entitled to cause the
    mortgaged property to be sold.
    (iv) The proceeds of sale are to be applied, so far as may be necessary,
    in payment of the mortgage money.
    Mortgage by conditional sale
    In the case of mortgage by conditional sale:
    (i) The mortgagor ostensibly sells the mortgaged property.
    (ii) On the condition that on default of payment of the mortgage money on a
    certain date, the sale shall
    become absolute, or
    (iii) On the condition that such payment being made, the sale shall become void,
    or
    (iv) On such payment being made, the mortgage property is to be retransferred.
    (v) The said transaction must be stated in the mortgage deed
    (vi) The mortgagee, thus, in case of default can exercise the right of foreclosure
    Usufructory mortgage
    The peculiar features of this kind of mortgage are as follows:
    (i) The mortgagee is put in possession of the mortgaged property as an
    essential part of the transaction.
    (ii) The mortgagee continues to remain in possession of the property till the
    payment of the mortgage money.
    (iii) The repayment is to be made from the rents and profits of the
    property.
    (iv) The property is returned when the amount due is personally paid or
    adjusted towards the rents and profits
    received.
    English mortgage
    In the case of an English mortgage:
    (i) The mortgagor binds himself to repay the mortgage money on a
    certain date.
    (ii) The mortgagor transfers the mortgaged property absolutely to the
    mortgagee.
    (iii) There is a covenant that the mortgagee will retransfer the property
    to the mortgagor upon payment of the mortgage money as agreed.
    (iv) The mortgagee can exercise the right of sale in case of mortgagors
    default.
    Mortgage by deposit of title deeds/equitable
    mortgage
    Mortgage by deposit of title deeds is also called an equitable mortgage. The peculiar features
    of this kind of
    mortgage are:
    (i) This mortgage is created where a person in any of the following towns, namely the towns
    of Calcutta,
    Chennai, and Mumbai and in any other town which the state government may, by
    notification in the Official
    Gazette, specify, in this behalf.
    (ii) The mortgagor or his agent delivers to the mortgagee all the documents of title deed with
    intention to
    create a security thereon is a mortgage by deposit of title deeds.
    (iii) There is no delivery of possession of property in this kind of mortgage.

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