Mortgages Of Immovable Property And Charges MCQ Quiz in मराठी - Objective Question with Answer for Mortgages Of Immovable Property And Charges - मोफत PDF डाउनलोड करा

The correct answer is Section 58(e)

Key Points

• Section 58 of the Transfer of Property Act, 1882 defines various types of mortgages.
• Section 58(e) specifically defines an English mortgage.
• According to Section 58(e):
  • An English mortgage is where:
    • The mortgagor binds himself to repay the mortgage money on a certain date, and
    • Transfers the property absolutely to the mortgagee,
    • Subject to a condition that the mortgagee will retransfer it upon payment.
• Thus, in an English mortgage:
  • There is absolute transfer of ownership (not just possession).
  • There is a personal covenant to repay.
  • The transfer is subject to a condition of retransfer.

Additional Information

• Option 2) Section 58(d) – Defines Usufructuary Mortgage.
• Option 3) Section 58(g) – Defines Mortgage by deposit of title deeds.
• Option 4) Section 58(f) – Defines Mortgage by conditional sale.

The correct answer is Section 76

Key Points

• Section 76 of the Transfer of Property Act, 1882 lays down the statutory duties of a mortgagee who takes possession of the mortgaged property.
• A mortgagee in possession is someone who has lawfully taken control of the mortgaged property with the mortgagor's consent or under the terms of the mortgage.
• Duties under Section 76 include:
  • Manage the property prudently as a person of ordinary prudence would manage their own property.
  • Use the property’s income (e.g., rents and profits) to pay interest and principal on the mortgage.
  • Keep clear accounts of all receipts and expenses.
  • Avoid waste or deterioration of the property.
  • Pay government dues and public charges from the income of the property.
• The mortgagee is not liable for deterioration of the property if it happens without his fault or negligence.

Additional Information 

• Option 1. Section 77: Incorrect – Deals with the liability of mortgagor to pay public charges, not the duties of mortgagee in possession.
• Option 2. Section 78: Incorrect – Refers to postponement of prior mortgage, not related to duties of a mortgagee in possession.
• Option 3. Section 79:Incorrect – Concerns mortgagee’s rights in case of lease, not general statutory duties.

The correct answer is Mortgage is always redeemable

Key Points

• The phrase “Once a mortgage, always a mortgage” is a well-established principle in equity and mortgage law.
• It means that a mortgage cannot be made irredeemable. The right of redemption is a statutory and equitable right of the mortgagor and cannot be taken away by any condition in the mortgage deed.
• The mortgagor has the right to reclaim the property once the debt secured by the mortgage is repaid in full, even if there was an agreement to the contrary.
• Any clause or condition in the mortgage agreement that seeks to prevent redemption permanently or conditionally is considered void and unenforceable.
• This principle ensures that a mortgage remains a security for a loan and not a mechanism for the mortgagee to obtain ownership of the mortgaged property unfairly.

Additional Information

• Option 2. Mortgagor has no right to assign right of redemption to any person: Incorrect — The mortgagor can assign the right of redemption unless specifically restricted.
• Option 3. Mortgagee has no right to assign the mortgage debt to any other person: Incorrect — The mortgagee can transfer the mortgagee’s interest, subject to conditions.
• Option 4. Mortgage cannot be redeemed after the expiry of a fixed period: Incorrect — Even after the period, if the debt is unpaid, the right to redeem persists

The correct answer is Anomalous mortgage

 Key Points

• No Standard Form Matches: This mortgage does not fit neatly into any of the standard categories like simple, usufructuary, conditional sale, or English mortgage.
• Hybrid Features: The arrangement includes a usufructuary element (B takes income from the property for 10 years), and later redemption by payment of the remaining balance—a feature of simple or English mortgage.
• Defined by Section 58(g): Section 58(g) defines an anomalous mortgage as a mortgage that is not a simple mortgage, mortgage by conditional sale, usufructuary mortgage, or English mortgage, but a combination or modification of them.
• Key Reason: Since this mortgage involves both usufructuary elements (benefit from property) and redemption obligations (paying balance), it's an anomalous mortgage.

Additional Information

• Option 1) Mortgage by Conditional Sale – Incorrect: There is no condition to sell if the debt isn't repaid. It’s not a conditional sale.
• Option 3) Simple Mortgage – Incorrect: In a simple mortgage, the mortgagor personally binds himself to repay, and possession is not delivered.
• Option 4) English Mortgage – Incorrect: In an English mortgage, the property is absolutely transferred to the mortgagee, subject to a condition to re-transfer upon repayment. That is not the case here.

The correct answer is There must be promise to transfer of interest.

Key Points

• “A mortgage is the transfer of an interest in specific immoveable 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.”
• Actual Transfer of Interest is Mandatory
  • As per Section 58(a), a mortgage requires an actual transfer of an interest in specific immovable property. A mere promise to transfer is insufficient.
• The Property Must Be Specific and Immovable: The interest must relate to clearly defined immovable property.
• Purpose of Transfer: The transfer must be for securing a loan, an existing or future debt, or a pecuniary obligation.
• Defined Parties: The transferor is the mortgagor, and the transferee is the mortgagee.
• Transfer of Interest Does Not Mean Ownership Transfer: Only an interest is transferred, not ownership of the property.

Additional Information

• "There must be a transfer of interest.": Correct as per Section 58(a).
• "The interest must be of some specific immovable property.": Correct and essential.
• "The purpose must be to secure the payment of a debt.": Correct and essential.

The correct answer is Equitable Mortgage

Key Points

• Defined under: Section 58(f) of the Transfer of Property Act, 1882
• What happens?
  • The borrower deposits the title deeds (ownership documents) of the property with the lender as security for a loan, without executing a formal mortgage deed.
• Where valid?
  • Only in notified towns like Mumbai, Chennai, Kolkata, Delhi, and others as notified by the State Government.
• Why “equitable”?
  • Because it originated in equity courts in England; based on fairness, not strict legal formalities.

Additional Information

• Option 1) Anomalous Mortgage: A combination of two or more types of mortgages (not simply deposit of title deeds).
• Option 2) English Mortgage: Involves transferring ownership absolutely with a condition of retransfer on repayment.
• Option 4) Usufructuary Mortgage: Gives the lender possession and the right to enjoy rents and profits instead of interest or repayment.

The correct answer is Option 1

Key Points

• A mortgage is called an English mortgage where:
  • The mortgagor binds himself personally to repay the mortgage money on a certain date, and
  • Transfers the property absolutely to the mortgagee,
  • With a condition that the mortgagee will re-transfer the property to the mortgagor upon payment of the mortgage money.
• Key Features of an English Mortgage:
  • Absolute transfer of property to the mortgagee (in law, though not in intent).
  • Mortgagor gives a personal covenant to repay.
  • Property is re-transferred to the mortgagor upon full repayment.
  • Usually requires registration.
  • Commonly used in England, hence the name.

The correct answer is 12 years

Key Points

• When a mortgage deed is compulsorily registrable (as per the Registration Act, 1908) but is not registered, the mortgage is not valid in law. However, if the mortgagee continues in possession of the mortgaged property for a long time adversely to the interest of the mortgagor, the mortgagee may acquire ownership rights by adverse possession under the Limitation Act, 1963.
• Unregistered mortgage deeds (where registration is compulsory) are inadmissible in evidence and do not create any legal mortgage.
• But if the mortgagee is put in possession and continues in possession openly, continuously, and hostilely for the statutory period, they may acquire ownership rights by adverse possession.
• If the mortgagee remains in continuous, uninterrupted, and hostile possession of the mortgaged property for 12 years, a valid title by adverse possession may arise in favor of the mortgagee even though the original mortgage was invalid due to lack of registration.

The correct answer is 9% PA

Key Points

• Under Section 63A(2) of the Transfer of Property Act, if a mortgagee in possession has made necessary improvements (to prevent destruction, deterioration, insufficient security, or as per lawful order), the mortgagor is liable to pay:
  • The proper cost of such improvements,
  • As an addition to the principal amount, and
  • With interest at the rate agreed for the principal,
  • Or, if no rate is fixed, then at 9% per annum.
• Section 63 deals with accession to mortgaged property, and although it talks about cost and interest, it does not prescribe a specific rate. 

The correct answer is

Key Points Section 58 of the Transfer of Property Act, 1882
Definition of Mortgage (Clause a)
A mortgage is the transfer of an interest in a specific immovable property as security for:

• A loan already given or to be given,
• An existing or future debt, or
• The performance of an obligation that may lead to financial liability.
• The person giving the mortgage is called the mortgagor.
• The person receiving the mortgage is called the mortgagee.
• The principal amount and interest secured by the mortgage is called mortgage-money.
• The document that formalizes the mortgage transaction is called a mortgage-deed.

Types of Mortgages Defined in Section 58
1. Simple Mortgage (Clause b)

• The mortgagor does not deliver possession of the property to the mortgagee.
• The mortgagor personally agrees to repay the mortgage-money.
• If the mortgagor fails to repay, the mortgagee has the right to sell the mortgaged property and recover the debt from the sale proceeds.

2. Mortgage by Conditional Sale (Clause c)

• The mortgagor sells the property to the mortgagee with conditions, such as:
• If the mortgagor fails to pay the debt, the sale becomes absolute.
• If the mortgagor pays the debt, the sale becomes void.
• If the mortgagor pays the debt, the buyer must return the property to the seller.

Important:

• A mortgage by conditional sale must be written in the same document as the sale deed; otherwise, it will not be considered a mortgage.

3. Usufructuary Mortgage (Clause d)

• The mortgagor gives possession of the property to the mortgagee.
• The mortgagee receives rent or profits from the property instead of interest or loan repayment.
• The mortgagee retains possession until the mortgage-money is fully paid.

4. English Mortgage (Clause e)

• The mortgagor promises to repay the mortgage-money on a specific date.
• The mortgaged property is transferred absolutely to the mortgagee.
• However, the mortgagee must return the property to the mortgagor once the mortgage-money is repaid.

5. Mortgage by Deposit of Title-Deeds (Clause f)

• This is also called Equitable Mortgage.
• The mortgagor delivers the title deeds (ownership documents) of the property to the mortgagee.
• This creates a security interest over the property.
• This type of mortgage is valid only in certain cities specified by the State Government through a notification.

6. Anomalous Mortgage (Clause g)

• Any mortgage that does not fit into the above five categories is called an anomalous mortgage.
• This means it could be a combination of different types of mortgages or have special conditions agreed upon by the parties.