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Thread: Q. What do you meant by simple mortgage.

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    Word Icon 35px Jpg.ashx Q. What do you meant by simple mortgage.

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    Q. What do you meant by simple mortgage. discuss its essentials and how it differs from a "Usufructary mortgage." (2004)
    1. Introduction:

    A mortgage is security for the payment of debt. mortgage is created by act of the parties by a written document providing security for the performance of a duty or the payment of the debt.
    2. Relevant provisions:
    Sec. 58 transfer of property act.
    3. Definition of mortgage:
    "Mortgage is transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to pecuniary liability.
    The transferor is called mortgagor.
    The transferee is called the mortgagee.
    Mortgage money:
    The principal money and interest of which payment is secured for the time being is called mortgage money.
    Mortgage deed:
    The instrument if any which the transfer is effected is called a mortgage deed.
    4. Essential of mortgage:
    Essentials of mortgage are as under.
    (i) Transfer of am interest.
    (ii) Specific immovable property.
    (iii) Repayment of loan or debt.
    5. Nature of mortgage:
    The transfer of property act 1882 deals with the mortgage of immovable property. it does not deals with the moveable property.
    6. Distinguish between simple mortgage and usufructary mortgage:
    I. As to liability:

    In simple mortgage, the mortgagor binds himself to pay the mortgage money.
    In usufructary mortgage there is no such liability.
    II. As to possession:
    Possession of mortgage property is not given to the mortgagee.
    Possession of mortgage property is given.
    III. As to right of sale:
    In simple mortgage, the mortgagee has a right to sale the mortgaged property.
    In usufructary mortgage there is no such right.
    7. Conclusion:
    To conclude I can say that mortgage is transfer of interest simple mortgage and usufructury mortgage are two various kinds of mortgage. both are different from each other.

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