(b) Simple mortgage. - Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly, 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, so far as may be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.
Simple mortgage.
(c) Mortgage by conditional sale. - Where the mortgagor ostensibly sells the mortgaged property
Mortgage by conditional sale.
(d) Usufructuary mortgage. - Where the mortgagor delivers possession [or expressly or by implication binds himself to deliver possession] of the mortgaged property to the mortgagee, and authorises him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property [or any part of such rents and profits 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, the transaction is called an usufructuary mortgage and the mortgagee an usufructuary mortgagee.
Usufructuary mortgage.
(e) English mortgage. - Where the mortgagor binds himself to repay the mortgage-money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will re-transfer it to the mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage.
English mortgage.
[(f) Mortgage by deposit of title-deeds. - Where a person in any of the following towns, namely, the towns of Calcutta, Madras, [and Bombay] , [* * *] and in any other town which the [State Government concerned] may, by notification in the Official Gazette, specify in this behalf, 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.
Mortgage by deposit of title-deeds.
(g) Anomalous mortgage. - a mortgage which is not a simple mortgage, a mortgage by conditional sale, an usufructuary mortgage, an English mortgage or a mortgage by deposit of title-deeds within the meaning of this section is called an anomalous mortgage] .
Anomalous mortgage.
Additional Information ▼
[59] . Mortgage when to be by assurance.
[59-A. References to mortgagors and mortgagees to include persons deriving title from them.
Rights and liabilities of mortgagor
Section 58 • The Transfer Of Property Act, 1882
58. Mortgage, mortgagor, mortgagee, mortgage-money and mortgage-deed defined.
transfer-of-property-act-1882-sec-58.json
•
Section 58
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"number": "58",
"title": "58. Mortgage, mortgagor, mortgagee, mortgage-money and mortgage-deed defined.",
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"content": "(b) Simple mortgage. - Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly, 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, so far as may be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.\nSimple mortgage.\n(c) Mortgage by conditional sale. - Where the mortgagor ostensibly sells the mortgaged property\nMortgage by conditional sale.\n(d) Usufructuary mortgage. - Where the mortgagor delivers possession [or expressly or by implication binds himself to deliver possession] of the mortgaged property to the mortgagee, and authorises him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property [or any part of such rents and profits 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, the transaction is called an usufructuary mortgage and the mortgagee an usufructuary mortgagee.\nUsufructuary mortgage.\n(e) English mortgage. - Where the mortgagor binds himself to repay the mortgage-money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will re-transfer it to the mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage.\nEnglish mortgage.\n[(f) Mortgage by deposit of title-deeds. - Where a person in any of the following towns, namely, the towns of Calcutta, Madras, [and Bombay] , [* * *] and in any other town which the [State Government concerned] may, by notification in the Official Gazette, specify in this behalf, 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.\nMortgage by deposit of title-deeds.\n(g) Anomalous mortgage. - a mortgage which is not a simple mortgage, a mortgage by conditional sale, an usufructuary mortgage, an English mortgage or a mortgage by deposit of title-deeds within the meaning of this section is called an anomalous mortgage] .\nAnomalous mortgage.\nAdditional Information ▼\n[59] . Mortgage when to be by assurance.\n[59-A. References to mortgagors and mortgagees to include persons deriving title from them.\nRights and liabilities of mortgagor",
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