Of Immovable Property:
Definition of Mortgage:
A mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advances by the way of loan, an existing of future debts, or the performance of an engagement which may give rise to a pecuniary liabilities.
Mortgager Or Mortgagee:
The transferee is called mortgagor, and the transferee is called mortgagee, the principal amount and interest of which payment is secured for the time being are called the mortgage money, and the instrument by which the transfer is affected is called a mortgage deed.
Type of Mortgage:-
1. Simple mortgage:
Without delivering possession of the mortgaged property.
2. Mortgage by conditional Sale:-
Where the Mortgagor ostensibly sells the mortgaged property: - On condition that on default of the payment of the mortgage money on certain date the sale shall become absolute or
On condition that on such payment being made the sale shall become void or
On Condition that on such payment being made the buyer shall transfer the property to the seller,
The transaction is called a mortgage by conditional sale.
3. English Mortgage:-
Where the mortgagor binds himself to repay the mortgage-money on a certain date, and transfer the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will retransfer it to mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage.
4. Mortgage by deposit of title deeds:-
Where a
person in he town of Karachi, and in any other town which the Provisional Government concerned may, by notification in the official Gazette, specify in this behalf, delivers to a creditor or his agent document of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds.
5. Usufructuary Mortgage:-
Where the mortgagor delivered or expressly or by implication binds himself of deliver possession of the mortgaged property to the mortgagee and authorized him to retain such possession until payment of the mortgage-money.
6. Anomalous Mortgage:-
A Mortgage, which is not a Simple Mortgage, a mortgage by conditional sale, a Usufructuary Mortgage, English Mortgage or a mortgage by deposit of title deeds within the meaning of this section, is called an anomalous mortgage.
Definition of Mortgage:
A mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advances by the way of loan, an existing of future debts, or the performance of an engagement which may give rise to a pecuniary liabilities.
Mortgager Or Mortgagee:
The transferee is called mortgagor, and the transferee is called mortgagee, the principal amount and interest of which payment is secured for the time being are called the mortgage money, and the instrument by which the transfer is affected is called a mortgage deed.
Type of Mortgage:-
1. Simple mortgage:
Without delivering possession of the mortgaged property.
2. Mortgage by conditional Sale:-
Where the Mortgagor ostensibly sells the mortgaged property: - On condition that on default of the payment of the mortgage money on certain date the sale shall become absolute or
On condition that on such payment being made the sale shall become void or
On Condition that on such payment being made the buyer shall transfer the property to the seller,
The transaction is called a mortgage by conditional sale.
3. English Mortgage:-
Where the mortgagor binds himself to repay the mortgage-money on a certain date, and transfer the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will retransfer it to mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage.
4. Mortgage by deposit of title deeds:-
Where a
person in he town of Karachi, and in any other town which the Provisional Government concerned may, by notification in the official Gazette, specify in this behalf, delivers to a creditor or his agent document of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds.
5. Usufructuary Mortgage:-
Where the mortgagor delivered or expressly or by implication binds himself of deliver possession of the mortgaged property to the mortgagee and authorized him to retain such possession until payment of the mortgage-money.
6. Anomalous Mortgage:-
A Mortgage, which is not a Simple Mortgage, a mortgage by conditional sale, a Usufructuary Mortgage, English Mortgage or a mortgage by deposit of title deeds within the meaning of this section, is called an anomalous mortgage.
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