Simple mortgage In case of simple mortgage, the possession of the mortgaged property is not delivered to the mortgagee. The mortgagor bi...
Simple mortgage
In case of simple mortgage, the possession of the mortgaged property is not delivered to the mortgagee. The mortgagor binds himself personally to pay the mortgagemoney and agrees that in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied in payment of the mortgagemoney.
Mortgage by deposit of title deeds
In this kind of mortgage, the borrower delivers to a creditor or his agent, documents of title to immovable property, with intent to create a security thereon. No stamp duty is payable in such cases.
English mortgage
In case of an English mortgage, the mortgagor binds himself to repay the mortgage-money on a certain date and transfers the mortgaged property absolutely to the mortgagee. This is subject to the condition that he will retransfer it to the mortgagor upon payment of the mortgage-money as agreed .
Usufructuary
mortgage
In case of Usufructuary mortgage the mortgagor delivers possession or expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee. He further authorises him to retain such possession until payment of the mortgage-money. The mortgagee is also authorised to receive the rents and profits accruing from the property and to appropriate the same in lieu of interest or in payment of the mortgage-money, or partly in lieu of interest or partly in payment of the mortgage-money. No such transaction shall be deemed to be a mortgage, unless the condition is embodied in the document which effects the sale.
Mortgage by
conditional sale
In case of mortgage by conditional sale, the mortgagor ostensibly sells the mortgaged property on the condition that either on default of payment of the mortgagemoney on a certain date the sale shall become absolute. Or that on such payment being made, the sale shall become void, or on such payment being made the buyer shall transfer the property to the seller.
In case of simple mortgage, the possession of the mortgaged property is not delivered to the mortgagee. The mortgagor binds himself personally to pay the mortgagemoney and agrees that in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied in payment of the mortgagemoney.
Mortgage by deposit of title deeds
In this kind of mortgage, the borrower delivers to a creditor or his agent, documents of title to immovable property, with intent to create a security thereon. No stamp duty is payable in such cases.
English mortgage
In case of an English mortgage, the mortgagor binds himself to repay the mortgage-money on a certain date and transfers the mortgaged property absolutely to the mortgagee. This is subject to the condition that he will retransfer it to the mortgagor upon payment of the mortgage-money as agreed .
Usufructuary
mortgage
In case of Usufructuary mortgage the mortgagor delivers possession or expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee. He further authorises him to retain such possession until payment of the mortgage-money. The mortgagee is also authorised to receive the rents and profits accruing from the property and to appropriate the same in lieu of interest or in payment of the mortgage-money, or partly in lieu of interest or partly in payment of the mortgage-money. No such transaction shall be deemed to be a mortgage, unless the condition is embodied in the document which effects the sale.
Mortgage by
conditional sale
In case of mortgage by conditional sale, the mortgagor ostensibly sells the mortgaged property on the condition that either on default of payment of the mortgagemoney on a certain date the sale shall become absolute. Or that on such payment being made, the sale shall become void, or on such payment being made the buyer shall transfer the property to the seller.
