Section 98 of TPA : Section 98: Rights And Liabilities Of Parties To Anomalous Mortgages

Explanation using Example

Imagine John takes a loan from a bank and offers his house as collateral. However, the mortgage terms do not fit neatly into any standard category like a simple mortgage or a usufructuary mortgage. Instead, it has unique features agreed upon by John and the bank, making it an anomalous mortgage. According to Section 98 of the Transfer of Property Act, if there's a dispute or a need for clarification about their rights and responsibilities, they will first look at the mortgage deed they both signed. If the deed doesn't cover the issue at hand, they will then refer to the practices commonly accepted in the area where the property is located to resolve the matter.