Legal ; Regulatory Aspects of Banking Unit – 63 : Transfer Of Property Act, 1882 Mortgage is a t

Legal ; Regulatory Aspects of Banking Unit – 63 : Transfer Of Property Act, 1882 Mortgage is a transfer of an interest in specific immoveable property as a security for the repayment of a monetary liability. The transferor is called Mortgagor. The transferee is called a Mortgagee Types Of Mortgage Simple Mortgage:- 1-does not deliver possession of the mortgaged property 2 - mortgagor himself personally to pay the mortgage money 3-in the event of his failing to pay, the mortgagee shall have right to get the 4-mortgaged property sold and recover his dues Mortgage By Conditional Sale:- 1-The mortgagor apparently sells the mortgaged property to the mortgagee with the condition that on default of payment on a certain date the sale becomes absolute, the sale shall becomes void, the buyer(mortgagee) shall transfer the property to seller(mortgagor) Usufructuary Mortgage:- 1-Gives possession 2 - To retain such possession until payment of mortgage-money 3-To receive rents and profits arising from the property 4-Appropriate the same towards payment of interest or mortgage-money or both English Mortgage:- 1-The Mortgagor binds himself to repay the mortgage-money on a certain date and transfers the mortgaged property absolutely to the mortgagee 2-Subject to the condition that he will re-transfer it to the mortgagor upon payment of the mortgage-money 3-The power of sale without intervention of Court if money not paid Mortgage by Deposit of Title Goods:- 1 - The Mortgagor delivers documents of title 2-With intent to create a security thereon 3-The delivery of documents of title is done in a town specified by state govt. 4-A mortgage other than a mortgage by deposit title deeds can be effected only in terms of a mortgage deed duly signed by the mortgagor and attested by at least two witnesses. 5-The essentials of valid Equitable Mortgage is debt, deposite of title deeds and intention as security. Leases of Immoveable Property:- A lease is a transfer of a right to enjoy the property for a certain time on in perpetuity (that is forever), in consideration of a price paid or promised, to be given periodically to the transferor by the transferee. A lease for Agriculture/manufacturing purpose is deemed to be a year to year lease. This lease can be terminated by the lessor/lessee by giving 6 months notice to one another. A lease for any other purpose is deemed to be a lease from month to month. It can be terminated by giving 15 days notice to one another.