The mortgage is defined in section 58 of the transfer of Property Act.
A mortgage is the transfer of an interest in the specific immovable property for the purpose of securing 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 mortgage; 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 effected is called mortgage deed.
Kinds of Mortgage
- Simple Mortgage.
- Mortgage by conditional sale
- Usufructuary Mortgage.
- English mortgage
- Mortgage by deposit of title -deeds.
- Anomalous Mortgage