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5/16/2017 Mortage, its kinds and Ingredients - The Law Study

Mortage, its kinds and Ingredients

GoogleDigital 1.INTRODUCTION:
Mortgage is a security for a debt. However, mortgage in itself is not a debt. Contrary to this it is lenders security for a debt. It is a transfer of
CoursesOfficial interestinimmoveablepropertyfromownertolender,andsuchtransferismadeonthisconditionthatthisinterestwillbereturnedtoownera
satisfactionorperformanceoftermsofmortgagor.Thus,mortgageisasecurityforthatloan,whichlendermakestoborrower.
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2.DEFINITIONOFMORTGAGE:

AccordingtoBlackLawDictionary:Aconveyanceoftitletopropertythatisgivenassecurityforthepaymentofadebtortheperformanceofadutyandthatwillbecomevoiduponpaymentorperforman
accordingtothestipulatedterms.

AccordingtoSec#58ofT.P.A:Amortgageisthetransferofaninterestinspecificimmoveablepropertyforthepurposeofsecuringthepaymentofmoneyadvancedortobeadvancedbywayofloan,
existingorfuturedebt,ortheperformanceofanengagementwhichmaygiverisetoapecuniaryliability.

3.MORTGAGOR,MORTGAGEE,MORTGAGEMONEY,ANDMORTGAGEDEEDDEFINED:

Followingaretheimportanttermwhichisusedinmortgage:

3.1MORTGAGOR:Themortgagoriscalledmortgagor.
3.2MORTGAGE:Thetransfereeiscalledthemortgagor.
3.3MORTGAGEMONEY:Theprinciplemoneyandinterestofwhichpaymentissecuredforthetimebeingiscalledmortgagemoney.
3.4MORTGAGEDEED:Theinstrumentifanywaywhichthetransferisaffectediscalledamortgagedeed.

4. ESSENTIALS OF MORTGAGE:
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Followingaretheessentialsofmortgage:

4.1TRANSFEROFINTEREST:
Thefirstessentialofamortgageisthatthereshouldbeatransferofaninterestinimmoveableproperty.Sowherethereisnoactualtransferofsomeinterestthereisnohomeloan.Anunimportantconsen
exchangecan'tmakeamortgage.

4.2SPECIFICIMMOVEABLEPROPERTY:
Anotheressentialthetransferofaninterestmustbeinspecificimmoveableproperty.

4.3SECURITYFORALOAN:
Thethirdessentialinthedefinitionofamortgageisthattheinterestinthepropertyshouldbetransferredtosecureadebt.

5. KINDS OF MORTGAGE:
Followingarevariouskindsofmortgage:

5.1SIMPLEMORTGAGE:
Simplemortgageisatransactioninwhichwithoutdeliveringpossessionofthemortgagedproperty,themortgagaortieshimselfactuallytopaythemortgagemoneyandagreeexpresslyorimpliedlythatin
eventifthisfailingtopayaccordingtothecontractthemortgagesshallhaverighttocausethemortgagepropertytobesoldtheproceedsofsaletobeappliedinpaymentofmortgagemoney.Thattransaction
calledsimplemortgage.

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5/16/2017 Mortage, its kinds and Ingredients - The Law Study

5.1.1EXAMPLEOFSIMPLEMORTGAGE:
BashermortgageshishousetoAhmadtogetonelakhrupeesasloanfromAhmad,however,basherdoesnotdeliverpossessionofhishousetoAhmad,butbindshimselfpersonallytopaymortgagemon
andagreesthatAhmadwillhaverighttoobtaindecreeofcourtforsaleofthehouseforpaymentofmortgagemoneyincaseofbashersfailuretopaymortgagemoney.Itiscaseofsimplemortgage.

5.1.2ESSENTIALSOFSIMPLEMORTGAGE:
Followingaretheessentialsofsimplemortgage:
Propertyismortgaged.
Possessionisnotdelivered.
Apersonalobligationtopaythedebt.
Obligationmaybeexpressorimplied.
Thetransferofarighttocausethemortgagepropertytobesoldindefaultofthepayment.
5.2MORTGAGEBYCONDITIONALSALE:
Wherethemortgagorostensiblysellsthemortgagedproperty:
Onconditionthatondefaultofpaymentofthemortgagemoneyonacertaindate,thesalemightgettobeoutright
Onconditionthatonsuchpaymentbeingmade,thesaleshallbecomevoid,
paymentbeingmade,thebuyershalltransferthepropertytotheseller.Theaforesaidconditionastopaymentmustbeembodiedintheverysamedocumentwhichostensiblypurportstoaffectthe
sale.
5.2.1EXAMPLESOFMORTGAGEBYCONDITIONALSALE:
BasheerapparentlysellshishousetoAhmadfortenlakhrupeesonthisconditionthatsuchsalewillbecomeabsoluteoncertaindatewhentherewillbedefaultofpaymentofmortgagemoney.Itiscase
mortgagebyconditionalsale.

5.2.2ESSENTIALSOFMORTGAGEBYCONDITIONALSALE:
Followingareessentialsofmortgagebyconditionalsale:

Thismortgageisaformofsale.
Thesalebecomesabsoluteonthenonpaymentofmortgagemoney.
Thesalemaybecomevoidonthepaymentofmortgagemoney.
Nodeliveryofpossessionisgiven.
Thereisnopersonalliabilityonthepartofthemortgagortopaythedebt.
Theremedyofthemortgageisbyforeclosureonly.
5.3USUFRUCTUARYMORTGAGE:
Where the mortgagor delivers possession or expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee and authorizes him to retain such possession u
paymentofthemortgagemoneyandtoreceivetherentsandprofitsaccruingfromthepropertyandtoappropriatethesameinlieuofinterestandinpaymentofthemortgagemoney.

5.3.1EXAMPLEOFUSUFRUCTUARYMORTGAGE:
BasheerdeliverspossessionorbindshimselfexpresslyorimpliedlytodeliverpossessionofmortgagedpropertytoAhmad,andauthorizesAhmadtoretainsuchpossessionuntilpaymentofmortgagemon
HealsoauthorizesAhmadtoreceivethoserentsandprofitswhichaccruefrommortgagedpropertyorhealsoauthorizesAhmadtoreceiveanypartofsuchleasesandbenefits.IndeedheapprovesAhmad
propersuchrentsandprofitsinlieuofinterestorinpaymentofmortgagemoneyorpartlyinlieuofinterestorpartlyinpaymentofmortgagemoney.ItiscaseofUsufructuarymortgage.

5.3.2ESSENTIALSOFUSUFRUCTUARYMORTGAGE:
FollowingsareessentialsofUsufructuarymortgage:

Nopersonalliabilityonthemortgagor.
Possessionofpropertyisdeliveredtothemortgagee.
Notimeperiodisfixed,topaythemortgagemoney.
Mortgageecannotsaleouttheproperty.
Mortgageeisentitledforrentsandprofitsofthemortgageproperty.
5.4ENGLISHMORTGAGE:
Englishmortgageisatransactionwhichthemortgagorbindshimselftorepaythemortgagemoneyonacertaindateandtransfersthemortgagedpropertyabsolutelytothemortgageebutsubjecttoaprov
thathewillretransferittothemortgagoruponpaymentofthemortgagemoneyasagreedthetransactioniscalledanEnglishmortgage.

5.4.1EXAMPLEOFENGLISHMORTGAGE:
BasheermortgageshishousetoAhmadforaloanofonelakhrupees,andhebindshimselftorepaymortgagemoneyonacertaindate,andtransfersmortgagedpropertyabsolutelytoAhmad.Howeversu
transferissubjecttothisconditionthatAhmadwillretransfermortgagedpropertyonrepaymentofmortgagemoneybeforeagreeddate.ItiscaseofEnglishmortgage.

5.4.2ESSENTIALSOFENGLISHMORTGAGE:
ThethreeessentialsconditionsofanEnglishmortgageare:
Mortgagorbindshimselftorepaythemortgageeonacertaindate.
Thepropertyisabsolutelytransferredtothemortgagee.
Transferofpropertyshouldbesubjecttotheprovisothatthemortgageewillrecoverthepropertytothemortgagoronthepayment.
5.5MORTGAGEBYDEPOSITTITLEDEED:
ThisiscalledEnglishlawanequitablemortgage.Ifapersondepositshistitledeedstotheimmoveablepropertywiththecreditororhisagentwithintenttocreateasecuritythereon,thetransactioniscal
equitablemortgageoramortgagebydepositoftitledeeds.

5.5.1EXAMPLEOFMORTGAGEBYDEPOSITOFTITLEDEEDS:
Basheerdeliverstoacreditororhis/heragentdocumentsoftitletohisownhousewithintenttocreateasecurityonthesedocumentstotitle.Itiscaseofmortgagebydepositoftitledeeds.

5.5.2ESSENTIALSOFMORTGAGEBYDEPOSITOFTITLEDEEDS:
Followingsareessentialsofmortgagebydepositoftitledeeds:

Documentoftitleddeedisdepositassecurity.
Thereisadebt.
Onthepaymentofmortgagemoney,thetitledeedisreturnedtothemortgagor.
5.6ANOMALOUSMORTGAGE:
Amortgagewhichisnotasimplemortgage,amortgagebyconditionalsale,aUsufructuarymortgage,Englishoramortgagebydepositoftitledeeds,iscalledananomalousmortgage.
5.6.1EXAMPLEOFANOMALOUSMORTGAGE:
Anexampleofanomalousmortgageisdharta.SuchformofmortgageispresentinMultanDistrict.Throughthismortgage,possessionofmortgagedlandremainswithmortgagor.However,he/shepays1/8
partofproduceofmortgagedlandtomortgage.

6.REMEDIESFORMORTGAGE:
Mortgagorhasfollowingremedies.

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5/16/2017 Mortage, its kinds and Ingredients - The Law Study
suitforsale
suitformoney
7.CONCLUSION:
Toconcludewecansaythatamortgageisthetransferofaninterestinspecificimmoveablepropertyforsecuringthepaymentofmoneyadvancedortobeadvancedbywayofmoney.Thedifferentkinds
simple,conditional,andEnglishbydepositoftitledeedandanomalousmortgage.

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