Section 58 of TPA – Section 58: Mortgage , Mortgagor , Mortgagee

The Transfer of Property Act, 1882

CHAPTER IV

OF MORTGAGES OF IMMOVEABLE PROPERTY AND CHARGES

Section 58: Mortgage , Mortgagor , Mortgagee , Mortgage-Money And Mortgage- Deed Defined

(a) A mortgage is the transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability. The transferor is called a mortgagor, the transferee a mortgagee; the principal money 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 e

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Explanation using examples

Imagine Sarah needs to borrow $50,000 to fund her new business. She owns a piece of land, which she uses as collateral to secure the loan. She goes to a bank and enters into a m

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Section 58 of TPA : Section 58: Mortgage , Mortgagor , Mortgagee , Mortgage-Money And Mortgage- Deed Defined

Bare Act

Simplified Act

Explanation using examples

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