Module 8: Mortgages | Property Law
Covers concepts related to mortgages under the Transfer of Property Act (TPA), explaining the definition, types, and legal principles governing them. The types of mortgages include simple mortgage, mortgage by conditional sale, usufructuary mortgage, English mortgage, mortgage by deposit of title deeds (equitable mortgage), and anomalous mortgage. The historical evolution of mortgages is traced through Roman law concepts like fiducia, pignus, and hypotheca. The distinction between a mortgage and a sale, lease, or charge is analyzed, emphasizing the intent behind the transaction. The essentials of a mortgage, such as specific immovable property, debtor-creditor relationship, and security for debt, are discussed. Rights and liabilities of mortgagors and mortgagees are explored, covering redemption (S.60), foreclosure (S.67), accession (S.63), and improvements (S.63A). The doctrine of clog on redemption is examined through case laws like Ganga Dhar v. Shankar Lal and Pomal Kanji Govindji v. Vrajlal Karsandas Purohit, emphasizing that unreasonable restrictions on redemption are void. Provisions related to suits for mortgage money (S.68), mortgagee’s power of sale (S.69), and rights of mortgagees in possession (S.72, S.76) are also detailed. The practical enforcement of mortgage rights, including foreclosure, sale, and redemption, is analyzed, along with the limitation period under the Limitation Act.
Meaning and types
1.1. Meaning of a mortgage
1.1.1. Ancient Systems
1.1.2. Differences: Mortgage, Sale, Conditions of Repurchase, etc.
1.1.3. Mortgage and a lease
1.1.4. The test of intention
1.1.5. Some elements of a mortgage
1.2. Charge
1.3. Classification of Mortgages
1.3.1. Simple Mortgage
1.3.2. Mortgage by Conditional Sale
1.3.3. Usufructuary Mortgage
1.3.4. English Mortgage
1.3.5. Mortgage by Deposit of Title Deeds
1.3.6. Anomalous Mortgages
1.4. Essential elements of a mortgage
1.4.1. Registration requirementRights and liabilities of mortgagor and mortgagee
2.1. The right to redeem
2.1.1. Clogs on the equity of Redemption
Ganga Dhar v. Shankar Lal (SC, 1958) [Very Important]
Vidyadhar v. Manikrao (SC, 1999)
Pomal Kanji Govindji v. Vrajlal Karsandas Purohit (1989)
2.1.2. Hypotheticals
Chaganlal v. Anantaraman (1961)
2.2. Right of foreclosure
2.2.1. Remedies of a mortgagee
2.2.2. Who can foreclose or sale?
2.2.3. Essentials of the remedy to forecloseOther provisions
3.1. Rights of the mortgagor
3.1.1. Accession & Improvements to Mortgaged Property
3.2. Rights and liabilities of a mortgagee
3.3. Miscellaneous