BANKING AFFAIRS

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: -58. “Mortgage”, “mortgagor”, “mortgagee”, “mortgage-money” and “mortgage-deed” defined. Simple mortgage. Mortgage by conditional sale.

Detailed explanation-3: -(1) Subject to the provisions of sub-section (2), a mortgagor, while lawfully in possession of the mortgaged property, shall have power to make leases thereof which shall be binding on the mortgagee.

Detailed explanation-4: -Though the document described it as a usufructuary mortgage the court held it to be an anomalous mortgage as it had characters of simple mortgage as well as Usufructuary mortgage. Thus, these are the six different kinds of mortgages under the Transfer Of Property Act, 1882.