- Mortgage - Redemption... Requirement....!
- Basically mortgage is the transfer of an interest in specific immovable property for the purpose of securing the 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.
- Also the transaction shall be mortgage if condition of redemption or re - purchase is embodied in the same document. Even though document titled as conditional sale or right of repurchase shall be exercised within stipulated period , if not exercised within stipulated period it become absolute sale.
- The relationship of debtor and crediror shall be established.
- The intention of the parties to document has to be seen when document is executed.
- If condition of redemption or re - purchase is embodied in different or separate document question of mortgage does not arise even though all other conditions of mortgage are fulfilled.
- Right of redemption of mortgage is to be exercised within 30 yenar . If if document contains some period ( like 2, 5, 10, 20,.... years ) then right of redemption begins after expiry of that period means additional period of redemption will gate to mortgagor.
- Relevant Provision -
- Section 58(C) of The Transfer of Property Act 1882.
- Article 61 of The Limitation Act 1963.
== Relevant Latest Judgement===
- Bhimrao Ramchandra Kalate v/s Nana Dinkar Yadav 2021 SAR 924 ... Decided on 13 August 202 in numbers of S.C. judgements are referred.
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