According to Article 58 of the transfer of ownership, there are six types of mortgages The person to whom it is transferred is called a mortgagee. The concept of mortgage is one of the most important concepts under the Transfer of Ownership Act, 1882, as it helps secure the debt owed to the mortgage debtor and also helps pay off the property once the mortgagee repays the amount owed to the mortgagee. A mortgage is the transfer of a share of real estate for the purpose of securing the payment of advances, an existing or future debt, or the execution of a risk that may give rise to financial liability. Such hypothec or subsequent encumbrance may not be sold or foreclosed without redeeming the previous hypothec or charge. Principal money and interest, the payment of which is secured at the moment, is called mortgage money. A mortgage is a transfer of an interest in real estate and is given as security for a loan. Ownership of property remains the property of the mortgagee himself, but part of the shares in the property are transferred to the mortgagee who granted a loan. Under section 60 of the Transfer of Property Act 1882, one of the most important rights of the mortgagee is the right to redeem the mortgage. There are few circumstances in which the mortgagee has the right to spend the money: Before the sale procedure can take place, the mortgagee must meet the following conditions: Under section 100 of the Transfer of Ownership Act 1882, costs mean the transfer of immovable property from one party to another as security for the payment of a sum of money. The transaction does not constitute a hypothec and all provisions that apply to simple hypothecs apply to the charge. The fee does not transfer interest to the tax holder, but he has the right to recover his money from the property.
The instrument used to make the transfer is called a mortgage deed. The rights and obligations of a mortgagee are set out in sections 67 to 77 of the Transfer of Property Act 1882. The Transfer of Ownership Act 1882 deals with (a) various specific transfers in respect of immovable property. (b) the general principles governing the transfer of movable and immovable property. Chapter II of the Transfer of Ownership Act 1882 deals with movable and immovable property. Sections 58 to 104 of the Transfer of Ownership Act of 1882 deal with mortgages and fees. Pursuant to section 101 of the Transfer of Ownership Act 1882, the mortgagee of immovable property or the person having an encumbrance on the immovable property or the purchaser may acquire from such a mortgagee or cost holder the rights in the assets of the mortgagee without merging the mortgage or encumbrance between: Sections 58 to 104 of the Transfer of Ownership Act, 1882 deal with mortgages and charges. According to Article 58 of the Transfer of Ownership Act of 1882, the following words are defined, Article 65 are the implied debts placed on the mortgagee. Unless otherwise specified, each hypothecary borrower is deemed to have entered into the following undertaking. The person who transfers a share of property is called a mortgage debtor. The obligations mentioned below are the legal obligations, with the exception of the obligations referred to in clauses (c) and (d), the obligations arising from these clauses are mentioned by the parties in the contract. This article was written by Candana, who follows B.Com.LLB (Hons) of Tamil Nadu Dr Ambedkar Law University (SOEL).
This section deals with mortgages and charges for real property under the Transfer of Ownership Act, 1882. Follow us on Instagram and subscribe to our YouTube channel for more amazing legal content. Save my name, email address, and website in this browser for the next time I comment. LawSikho has created a telegram group for the exchange of legal knowledge, recommendations and various possibilities. You can click on this link and register:. Students in Lawsicho courses regularly create writing assignments and work on practical exercises as part of their classes and develop real-world practical skills. Key points to consider under section 100 of the Transfer of Property Act 1882:.