Hi,
The Transfer of Property Act, of 1882 addresses both general and specific rules relating to the transfer of both movables and immovable property. Mortgages and levies are covered under Section 58 of transfer of property act to 104 of the Transfer of Property Act, of 1882.
What is section 58 of transfer of property act?
These terms are specified under Section 58 of the Transfer of Property Act of 1882;
- Mortgage
A mortgage is the transfer of an interest in real estate that serves as a guarantee for the repayment of a loan, the payment of a current or prospective obligation, or the fulfilment of a contract that could result in financial liability.
- Mortgagor and Mortgagee
The term "mortgagor" refers to the individual who transfers an immovable property interest. The mortgagee is the party to whom it is transferred.
- Mortgage money
is the principal and interest whose current payment is guaranteed.
- Mortgage Deed
A mortgage deed is the legal document that enables the transfer.
As per Section 58 of Transfer of Property, there are six kinds of mortgages;Simple Mortgage
Conditional mortgage
Usufructuary Mortgage
English mortgage
Deposit of title deeds
Anomalous Mortgage
I hope this suffices your understanding about the Sections 58 of transfer of property act. I hope this helps:)
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What is Section 58 of Transfer of Property Act?
Riya
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2023-05-23T21:27:00+00:00 2023-05-23T21:50:06+00:00Comment
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