Essentials of Mortgage - Rights of Mortgagor - Mortgage Loans

July 16, 2016 | Author: Abhi Ram | Category: Types, Magazines/Newspapers
Share Embed Donate


Short Description

Essentials of Mortgage - Rights of Mortgagor - Mortgage Loans...

Description

6/25/13

Essentials of Mortgage - Rights of Mortgagor - Mortgage Loans

SUBSCRIBE RSS FEED

ARTICLES

COMMENTS

KALYAN CITY LIFE

Search

Sharing Wisdom and Vivid Memories of Life

KALYAN CITY

AUTHORS

Kalyan City is a fast emerging residential township in Thane district of Maharashtra, India. Kalyan City is a central suburban town and resides 54 kms away in the north-eastern direction of Mumbai city. Kalyan City Life blog regularly keeps tracking and blogging about our vivid memories and unique life experiences in local areas. Witness an informative, pictorial and realistic inner scenes of Kalyan City.

Most articles on Kalyan City Life Blog are compiled and published by Gaurav Akrani. Our article sources are based on the field research and regular support of Manoj Patil. KCL blog is SEO optimized and regularly tweaked by our visionary Prof. Mudit Katyani. Wildlife pictures and local videos are the contributions made by Dr. Sameer Akrani.

HOME

ARTICLES

PHOTOS

VIDEOS

DISCLAIMER

Essentials of Mortgage - Rights of Mortgagor - Mortgage Loans Post : Gaurav Akrani Date : 10/30/2010 11:44:00 AM IST No Comments Labels : Study Notes

A mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of mone y advanced or to be advanced by way of loan, and existing or future debt or the performance of an engagement which may give rise to a pecuniary liability.

NEW ARTICLES

Ten Main Factors Affecting Plant Location Internal and External Factors Affecting Scheduling What is Scheduling? Definition Meaning Difficulties or Problems in Measuring Productivity

NEW COMMENTS This is really a detailed clue to the 'concept... thanks for providing such kind of information abou... Thank you for sharing the Manegerial Skills. It is... This worked, but I had to go alternative route and... it helped me complete my project... giving u my he... Image Credits © Rev Dan Catt

Parties & Terms Involved In A Mortgage 1. Mortgage : A temporary loan secured (or money borrowed) from a creditor by keeping one's (owned) valuable property (e.g. House, Land, etc) as a mortgage security in order to give creditor an assurance for the repayment of debt within fixed time period. 2. Mortgagor : The transferor or the one who makes/gives the mortgage is

kalyan-city.blogspot.com/2010/10/essentials-of-mortgage-rights-of.html

EMAIL

FEATURED

What is Product Quality? Definition Meaning Importance

Definition of Mortgage

PRIVACY

Worlds Top 10 Most Poisonous Venomous Deadliest Snakes Balayam Nail Rubbing Exercise Cures Alopecia, Hair Loss, Bald 50 Health Benefits of Exercise Find Benefits of Regular Exercise What is Credit Card? Meaning Definition Size Anatomy Top Inventions and Discoveries by Scientists - A to Z List - Science Stages in Evolution of Business from Local to Global How To Prepare Better For Exams ? Exam Skills For Students How To Prepare For Successful Job Interviews ? Best Interview Tips How To Summarize Passage ? Summarization Skills Techniques The Most Memorable Day of My Life I've Ever Enjoyed - Cool Story Basic Principles of Insurance Examples of Insurance Principles Indian Money Market - Features, Drawbacks and Recent Reforms Concept of Marketing Research (MR) Marketing Research Process

MANAGEMENT FINANCE What is Finance? Meaning Definition Features of Finance What is Financial Planning? Meaning Types of Financial Plans What is Financial Management? Meaning Definition Scope Articles What is Corporate Finance?

Management Functions And Process, Management Thought Planning First Primary Important Function Of Management Management By Objectives (MBO) - Peter Drucker MBO Decision Making Process In Management - Problem Solving

1/4

6/25/13

Essentials of Mortgage - Rights of Mortgagor - Mortgage Loans called a mortgagor.

Meaning - What it Includes?

3. Mortgagee : The transferee or the one to whom mortgage is given or the

What is Credit Rating? Meaning and Articles on Credit Rating

one who takes/accepts the mortgage is called a mortgagee. 4. Mortgage Aggrement : The legal document specifying terms, conditions, duties and obligations of parties involved in a mortgage

BANKING

contract is called Mortgage aggrement. 5. Mortgage Money : The principal money and interest of which payment is secured for the time being are called the mortgage money.

What is a Bank ? Introduction, Definition and Features of Bank

6. Mortgage Deed : The instrument (if any) by which the transfer is effected

Different Types of Banks - What are Various Kinds of Banks ?

is called a mortgage deed.

Commercial Banks - Definitions, Primary Secondary Functions

Essentials of a Mortgage 1. Specify immovable property : A mortgage is that the immovable property must be distinctly specified.

Balance Sheet of Commercial Bank - Liabilities and Assets How to Open Bank Account ? 7 Scroll Top Steps To Open Bank Account

2. Consideration : The consideration of a mortgage may be either :01. The performance of a contract giving rise to a pecuniary liability, 02. money advanced or to be advanced by way of loan, or 03. an existing or future debt. 3. Transfer of an interest : According to the definition given above the third requisite of mortgage is that there should be a "transfer of an interest" of an immovable property for the purpose of securing the payment of money advanced by way of loan or for the purpose of securing the performance. The words "transfer of interest" signify that the interest which passes to the mortgage is not ownership or dominion, which notwithstanding the mortgage, resides in the mortgagor. This right is only an accessory right which is intended merely to secure the due payment of the debt. In mortgage, there is a transfer of a partial interest. 4. Parties : The person who transfers an interest in the property is called the mortgagor, the person to whom the interest is transferred is called the mortgagee. The mortgagor must be competent to transfer. Thus a minor cannot be a mortgagor but a minor can be a mortgagee.

Rights of the Mortgagor 1. The Right of Redemption : or simply, 'The Right of Redemption'. The mortgagor is supposed to be the natural owner of the property and hence it is accepted that his interests in the property are always supposed to be natural. His rights are supposed to be statutory and legal for which legal remedies are available for him to establish his rights at the end. At any time after the principal money has become due, the mortagor has a right, on payment or tender, at a proper time and place, of the mortgage money to require the mortgagee :01. to deliver to the mortgagor the mortagage deed and all documents relating to the mortgaged property which are in the possession or power of the mortagagee. 02. Where the mortgagee, is in possession of the mortgaged property, to deliver possession thereof to the mortgagor. 2. Re-transfer Case : He being, the natural owner of the property has the inherent right to re-transfer his property to anybody else irrespective of the person in whose favour he has firstly transferred the property for the sake

What are the Advantages of Opening Bank Account ? Saving Account Bank - Meaning, Features and Advantages of It Fixed Deposit Account of Bank Meaning, Features, Advantages What is Current Bank Account ? Its Features and Advantages Recurring Deposit Account In Bank - Meaning and Features What is a Cheque ? Definition Kinds and Types of Cheques What are Features of Cheques ? Main Characteristics of Checks

Authority, Responsibility and Accountability In Management Principle of Delegation of Authority - Importance of Delegation Organisation - Organizational Structure - Organisational Chart Decentralisation Advantages and Limitations of Decentralization Managerial Leadership - Leader Qualities - Leadership Theories Human Resource Management - Human Resource Development Motivation Motivational Factors Incentives Theories of Motivation Maslow's Hierarchy of Needs The Theory of Human Motivation Frederick Herzberg's Two Factor Theory - Motivation Hygiene Factors Douglas McGregor's Theory X and Theory Y - Employee Motivation David McClelland's Achievement Motivation, Manifest Need Theory Marketing Mix and 4 P's of The Marketing - Management Article What is Market Segmentation ? Importance In Modern Marketing 5 M's of Advertising - Features of The Advertising Management Quality Control Total Quality Management TQM Quality Circles

What is Crossing of Cheque ? Different Types of Check Crossing

CATEGORY

Automated Teller Machine (ATM) - The Advantages of ATM Machine E-Banking - Online Banking Main Advantages of E-Banking

Administrative Law

Principles of Good Lending Every Banker Follows - Loans

Banking

Different Forms of Advances by Commercial Banks - Loan Types Duties and Responsibilities of Computer Operator in Bank Nationalisation of Banks in India - Introduction Objectives Demerits Narasimham Committee Report I 1991 II 1998 - Recommendations

Advertising

Blogger Business Development C Programming Communication Skills Distinguish Between Dombivli City Economics

New Economic Reforms of the Banking Sector In India - Brief

Education

Functions of Reserve Bank of India (RBI) - Credit Policy of RBI

Health

Finance

How To India Industrial Psychology Internet

of money.

Javascript

In other words, at the cost of the mortgagor either to re-transfer the

Kalyan City

kalyan-city.blogspot.com/2010/10/essentials-of-mortgage-rights-of.html

2/4

6/25/13

Essentials of Mortgage - Rights of Mortgagor - Mortgage Loans mortgaged property to him or to such third person as he may direct, or to execute and (where the mortgage has been effected by a registered instrument) to have registered an acknowledgment in writing that any right in derogation of his interest to the mortgage has been extinguished. 3. Right to Grant Lease : It should also be not treated that after mortgaging

Life Guides Management Marketing Research Mumbai

the property the mortgagor is not free to lease the property to any of the

People

lease. We have noted that mortgage implied the temporary charge over the

Photos

immovable property belonging to the mortgagor till the money taken is repaid to the mortgagor. It is, therefore, the inherent right of the mortgager

Places

to make the lease of the property whenever he desires for any purpose.

Production Planning

Each such lease is supposed to be binding on the mortgagee.

Reptiles

4. Right of Inspection of the property : Since the mortgager is the natural

Science

owner of the property it is supposed to be his inherent right to inspect the property at any time and as and when he desires. It is his right to ascertain

Snakes

whether the property mortgaged is maintained properly or not and hence

Study Notes

this right has been conferred on by the law itself. He can also ask for the

Thane

documents of the property and is also eligible to get the copies of the documents. 5. Right of Reasonable Wastages : The right of reasonable wastages is also guaranteed by the law but it is to be noted that such of the wastages

Ulhasnagar Videos Youtube

are minimum and reasonable and does not affect the property in any way or does not cause any destruction or the injury to the property of a permanent nature.

KALYAN CITY LIFE BLOG is a part of © Vedanga Infomedia.

6. Right of Accession : It should not be supposed that on transfer, due to mortgage, the right of the mortgagor extinguished with regards to the property so mortgaged. But the mortgagor has the right to access into the property at any time. Such of the accession or the addition in the property can be possible on variety of occasions such as in the case of usufructuary mortgage for the improvement of the property or at the time of renewal of the lease of the mortgaged property for further period.

Related Articles

Essentials of Mortgage - Rights of Mortgagor - Mortgage Loans Atom Feed of Kalyan City Life Blog - KCL

Article Translation

0 Comments : Please Comment kalyan-city.blogspot.com/2010/10/essentials-of-mortgage-rights-of.html

3/4

View more...

Comments

Copyright ©2017 KUPDF Inc.
SUPPORT KUPDF