What is Mortgage?

Mortgage is the one kind of transfer and it is the one kind of title transfer of specific immovable property. The purpose of it to lend money and it may be immediately or later on. Mortgage creates pecuniary liability.

 Meaning of mortgage

According to section 58(a) of the Transfer of Property Act 1882,

A mortgage is the transfer of an interest in specific immoveable property for the purpose of securing the 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 a pecuniary liability.

1. The transferor is called a mortgagor;
2. The transferee a mortgagee;
3. The principal money and interest of which payment is secured for the time being  are called the mortgage-money; and
4. The instrument (if any) by which the transfer is effected is called a mortgage-deed.

Elements of Mortgage.

1. There must be a transfer of an interest;
2. There must be specific immovable property intended to be mortgaged;
3. The transfer must be made to secure the payment of a loan or to secure the performance of a contract.

4. What is Transfer of Property?

   Liabilities of mortgagee in possession

   Rights and liabilities of co-sureties.

   Doctrines in Mortgage

   Redemption of Mortgages

   What is Mortgage?

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