Question

Under Section 58(a) of the Transfer of Property Act, 1882, a "mortgage" is defined as:

Q: Answer-Under Section 58(a) of the Transfer of Property Act, 1882, a 'mortgage' is defined as:

Section 58a of TPA, 1882 defines mortgage as 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. The person transferring the interest is the mortgagor, the person to whom it is transferred is the mortgagee, the principal money and interest of which payment is secured is the mortgage money, and the instrument if any is the mortgage deed. A mortgage differs from a pledge movable property under Sections 172179 of the Indian Contract Act, 1872 and from a charge under Section 100 of TPA where no transfer of interest occurs. TPA, 1882 recognises six types of mortgages under Sections 58b through 58g.

A A transfer of ownership of immovable property by the mortgagor to the mortgagee as security, with a right of reconveyance upon repayment

B An agreement by which certain immovable property is pledged as security for repayment without any transfer of interest in the property

C A conditional sale of immovable property where the seller retains possession until the full purchase price is paid by the buyer

D 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

E A transfer of possessory rights over immovable property to the mortgagee until full repayment of the debt advanced by the mortgagee

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