Rights and Liabilities of Mortgagor And Mortgagee - Drishti Judiciary
Mortgage is specified by Section 58 (a) of the Transfer of Residential Or Commercial Property Act, 1882 (TPA) as a transfer of an interest in particular immoveable residential or commercial property for the function of protecting the payment of cash advanced or to be advanced by method of loan, an existing or future debt, or the performance of an engagement which might trigger a pecuniary (monetary) liability. - The transferor is called a mortgagor, the transferee a mortgagee; the principal cash and interest of which payment is secured for the time being are called the mortgage-money, and the instrument (if any) by which the transfer is affected is called a mortgage-deed.
Rights of a Mortgagor
The TPA provides opportunities to a mortgagor in a mortgage-deed under Section 60 - 66, which are as follows:
- Right of mortgagor to redeem (Section 60).
- Right to move to the 3rd party (Section 60A).
- Right to evaluation and production of documents (Section 60B).
- Right to redeem independently or all at once (Section 61).
- Right of usufructuary mortgagor to recover possession (Section 62).
Accession to mortgaged residential or commercial property (Section 63).
Improvements to mortgaged residential or commercial property (Section 63A).
Renewal of Mortgaged Lease (Section 64).
Implied Contracts by Mortgagor (Section 65).
- Mortgagor's power to lease (Section 65A).
Waste by mortgagor in possession (Section 66)]
These arrangements are described as follows:
Right of Mortgagor to Redeem (Section 60).
- This arrangement provides that upon offering affordable notification relating to the defined time and location, the mortgagor has the privilege to redeem the home mortgage by paying the exceptional home loan amount and: - Require the mortgagee to provide the mortgage-deed and the mortgaged residential or commercial property and documents in his belongings or under his power.
Mortgage is specified by Section 58 (a) of the Transfer of Residential Or Commercial Property Act, 1882 (TPA) as a transfer of an interest in particular immoveable residential or commercial property for the function of protecting the payment of cash advanced or to be advanced by method of loan, an existing or future debt, or the performance of an engagement which might trigger a pecuniary (monetary) liability. - The transferor is called a mortgagor, the transferee a mortgagee; the principal cash and interest of which payment is secured for the time being are called the mortgage-money, and the instrument (if any) by which the transfer is affected is called a mortgage-deed.
Rights of a Mortgagor
The TPA provides opportunities to a mortgagor in a mortgage-deed under Section 60 - 66, which are as follows:
- Right of mortgagor to redeem (Section 60).
- Right to move to the 3rd party (Section 60A).
- Right to evaluation and production of documents (Section 60B).
- Right to redeem independently or all at once (Section 61).
- Right of usufructuary mortgagor to recover possession (Section 62).
Accession to mortgaged residential or commercial property (Section 63).
Improvements to mortgaged residential or commercial property (Section 63A).
Renewal of Mortgaged Lease (Section 64).
Implied Contracts by Mortgagor (Section 65).
- Mortgagor's power to lease (Section 65A).
Waste by mortgagor in possession (Section 66)]
These arrangements are described as follows:
Right of Mortgagor to Redeem (Section 60).
- This arrangement provides that upon offering affordable notification relating to the defined time and location, the mortgagor has the privilege to redeem the home mortgage by paying the exceptional home loan amount and: - Require the mortgagee to provide the mortgage-deed and the mortgaged residential or commercial property and documents in his belongings or under his power.