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Question

  Mortgage is defined under:

A SARFAESI ACT, 2002 Correct Answer Incorrect Answer
B Transfer of Property Act 1882 Correct Answer Incorrect Answer
C Indian Contract Act, 1872 Correct Answer Incorrect Answer
D Companies Act, 2015 Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

As per Section 58 (a) of the Transfer of Property Act, a mortgage is defined as the transfer of an interest in the 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.

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