BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -(a) 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.

Detailed explanation-2: -delivers to a creditor or his agent documents of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title deeds."

Detailed explanation-3: -A loan is a sum of money that an individual or company borrows from a lender. It can be classified into three main categories, namely, unsecured and secured, conventional, and open-end and closed-end loans.

Detailed explanation-4: -Mortgagee can file a suit in court to take possession of mortgaged property and sell it to recover debt amount. Section 172 of the Indian Contract Act defines pledge as “The bailment of goods as a security for the payment of a debt or performance of a promise”.

Detailed explanation-5: -The word mortgage comes from the Old French word “morgage”, which directly translates to “dead pledge”. (The prefix of the word, “mort”, means dead, while the suffix, “gage”, means pledge.)