Within the meaning of the provisions of section 61 of the Transfer of Property Act, 1882, a mortgagor who has executed two or more mortgages in favour of the same mortgagee, and when the principal money of any two or more of the mortgages has become due:
These are some requisites of an equitable mortgage:
(1) a debt
(2) a deposit of title deeds
(3) an intention that the deeds shall be security for the debt
These are some characteristics of a usufructuary mortgage under section 58 of the Transfer of Property Act, 1882
(1) There is no personal liability on the mortgagor.
(2) No time limit is fixed.
(3) Mortgagee takes the whole or part of the rent and profits.
A treepasser is not a transferee within the meaning of section 51 of the Transfer of Property Act, 1882 and he is not entitled to compensation for improvements. This was decided in:
Within the meaning of section 69A of the Transfer of Property Act, 1882 a mortgagee having the right to exercise a power of sale under section 69, shall subject to the provisions of sub-section (2) be entitled to appoint a receiver. The statement:
A' institutes a suit against 'B' for recovery of 2 lakhs and files an application for attachment of B's property. Before the attachment, B transfers his property to 'C'. The transfer is
Besides the mortgagor, any of the following persons may redeem or institute a suit for redemption of, the mortgaged property. These persons are:
(1) any person (other than the mortgagee of the interest sought to be redeemed) who has any interest in, or charge upon, the property mortgaged or in or upon the right to redeem the same.
(2) any surety for the payment of the mortgagedebt or any part thereof.
(3) any creditor of the mortgagor who has in a suit for administration of his estate obtained a decree for sale of the mortgaged property.
With reference to Doctrine of Lis Pendens read the following:
(1) It refers to Fraudulent transfers.
(2) It imposes a prohibition on transfer or otherwise dealing of any property during the pendency of a suit provided the conditions laid down in the section are satisfied.
(3) It creates only a right to be enforced to avoid a transfer made pendente lite.
(4) Such transfers are voidable.
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