Rights and liabilities of mortgagee and mortgagor

Rights and liabilities of mortgagee and mortgagor

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  1. 08-30-2012, 07:29 PM


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    Word Icon 35px Jpg.ashx Discuss the right and liabilities of mortgagor. (2004)

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    1. Introduction:
    A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. the rights and liabilities of mortgagor and mortgagee are mentioned in the transfer of property act.
    2. Relevant provisions:
    Sec. 60 to 66 transfer of property act.
    3. Definition of mortgage:
    "Mortgage is transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to pecuniary liability.
    Mortgagor:
    The transferor is called mortgagor.
    Mortgagee:
    The transferee is called the mortgagee.
    Mortgage money:
    The principal money and interest of which payment is secured for the time being is called mortgage money.
    Mortgage deed:
    The instrument if any which the transfer is effected is called a mortgage deed.
    4. Kinds of right and liabilities:
    There are following two types of rights and liabilities of mortgagor as well as mortgagee.
    (i) Statutory rights and liabilities:
    The statutory rights and liabilities are provided in relevant sections of transfer of property act.
    (ii) Contractual rights and liabilities:
    Contractual rights and liabilities which the mortgagor and mortgagee stipulate in the contract.
    5. Right of mortgagor:
    Following are rights of mortgagor.
    (i) Right to redeem:
    Mortgagor has right to redeem the mortgage property.
    (ii) Right of title deed:
    When the whole debt is created the mortgagor has right to demand back all title deeds from mortgagee on the redemption of the property.
    (iii) Right to demand delivery of possession:
    Or redemption the mortgagor may demand, the mortgagee, where he is in possession of the mortgage property to deliver possession thereof to the mortgagor.
    (iv) Right to compensation:
    Mortgagor has right to compensation.
    (v) Right that acknowledgement of extinguishments of rights be registered by the mortgagee:
    The mortgagor, on payment or tendor of the mortgage, has right to require the mortgagee, at the cost of the mortgagor, to have registered an acknowledgment in writing that any right in derogation of his interest transferred to the mortgagee has been extinguished.
    (vi) Right to re-transfer the property:
    Mortgagor has right to re-transfer the mortgage property.
    (vii) Right of inspection and production of document:
    A mortgager as long as his right to redemption subsists, is entitled at his own cost to inspect or make copies of document of title relating to the mortgage property.
    (viii) Right to redeem separately simultaneously:
    A mortgager who has executed two or more mortgages in favour of the same mortgage shall in the absence of a contract to contrary when the principal money of any two more of the mortgagee has become due to entitled to redeem any one such mortgage separately or any two or more of such mortgages together.
    (ix) Right of usufructuary to rceover possession:
    Mortgager has right recover the property in case of usufructuary mortgage together with the mortgaged deed and all documents relating to the mortgage property which are in possession or power of the mortgagee.
    (x) Right of accession to the mortgage property:
    Where the mortgage property in possession of the mortgagee has during the continuance of the mortgage, received any accession, the mortgagor upon redemption shall be entitled to such accession against the mortgagee.
    (xi) Right of improvement:
    Where mortgage property in possession of the mortgagee has during the continuance of mortgage been improved the mortgagor upon redemption, shall be entitled to the improvement but will be liable to pay the costs thereof.
    (xii) Right to benefit of new lease:
    Where the mortgage property is a deed and mortgagee obtains the renewal of the lease, the mortgagor upon redemption shall have the benefit of new lease.
    6. Liabilities of the mortgagor:
    Following are the liabilities of the mortgagor.
    (i) Liability to transfer valid interest:
    The mortgagor is liable to transfer valid interest to the mortgagee in respect of the mortgage property.
    (ii) Liability to defend title:
    The mortgagor is under liability to defend his own title if he is in possession of mortgage property and if mortgagee is in possession he must enable him to defend his property.
    (iii) Liability to pay public charges:
    It is liability of the mortgagor to pay the public charges so long as the mortgagee is not in possession.
    (iv) Liability to pay rents:
    Where the mortgage property is a lease it is liability of mortgagor to pay the rent.
    (v) Liability to pay interest and other encumbrances:
    It is liability to pay interest on the prior mortgage and discharge of such encumbrances at the proper time where the mortgagee is a subsequent of second mortgage.
    7. Conclusion:
    To conclude I can say that, the transferor is called the mortgagor. he has rights and under some liabilities according to the transfer of property act.

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    Mortgage

    Rights and Liabilities of a
    Mortgagor

    The rights and liabilities of a
    mortgagor under a mortgage are as under:

    I.
    Right of mortgagor to redeem:

    Section 60, Transfer of Property
    Act provides that at any time after the principal money has become due, the
    mortgagor has right on payment or tender, at a proper time and place, of the
    mortgage money, to require the mortgagee

    1. to deliver to the mortgagor the mortgage deed and all
      documents relating to the mortgaged property which are in the possession
      or power of the mortgagee;

    2. where the mortgagee is in possession of the mortgaged
      property, to deliver possession thereof to the mortgagor; and

    3. at the cost of the mortgagor either to re-transfer
      the mortgaged property to him or to such third person as he may direct, or
      to execute and where the mortgage has been effected by a registered
      instrument to have registered an acknowledgement in writing that any right
      in derogation of his interest transferred to the mortgage has been
      extinguished:

    Provided that
    the right conferred by this section has not been extinguished by the act of the
    parties or by decree of court.

     

    II. Obligation to transfer to
    third party instead of re-transference to mortgagor

    Section 60 A, Transfer of
    Property Act provides that where a mortgagor is entitled to redemption, then on
    the fulfillment of any conditions on the fulfillment of which he would be
    entitled to require a retransfer, he may require the mortgagee, instead of retransferring the property, to assign the mortgage debt and
    transfer the mortgaged property to such third person as the mortgagor may
    direct the mortgagee and the mortgagee shall be bound to assign and transfer
    accordingly.

    The provisions of this section
    do not apply in the case of mortgagee, who is or has been in possession.

     

    III. Rights to inspection and
    production of documents

    A mortgagor as long as his right
    of redemption subsists, shall be entitled at all reasonable times at his
    request and at his own cost, and on payment of the mortgagee�s cost and
    expenses in this behalf, to inspect and make copies or abstracts of or extracts
    from documents of title relating to the mortgaged property which are in the
    custody or power of the mortgagee.

    Mortgage   Back



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    Rights and liabilities of mortgagee

    Rights
Selling Rights:
If borrower fails to return the loan in time then
mortgagee has the right to sell the property of
t...

    Rights
Usufructuary:
Mortgagee has no right to sell the property
and to obtain the decree from the court. The
banker can r...

    Rights
Adjustment of Payment:
The banker has a right to distribute the
payment received after sale of property
according t...

    Rights
Sale of Property:
In case of private property the
mortgagee will issue at least 3
months notice to the mortgagor
be...

    Liabilities
When the property is in the possession of the
mortgagee then it has the following liabilities:
Property may n...

    Rights and liabilities of mortgagee

    Rights and liabilities of mortgagee
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    Rights and liabilities of mortgagee

    1. 1.
      Rights
      Selling Rights:
      If borrower fails to return the loan in time then
      mortgagee has the right to sell the property of
      the mortgagor. But it will sold and getting
      decree from the court Property will be sold by
      auction.
      Shortage of Money:
      After selling the property if amount is less than
      the loan, the balance can be recovered from the
      person by getting the decree from the court.

    2. 2.

      Rights
      Usufructuary:
      Mortgagee has no right to sell the property
      and to obtain the decree from the court. The
      banker can retain the possession till the
      recovery of loan.
      Refusal of Debt:
      If a borrower refuses to return the loan or he
      is unable to pay the debt then the lender can
      get a foreclosure decree from the court.

    3. 3.

      Rights
      Adjustment of Payment:
      The banker has a right to distribute the
      payment received after sale of property
      according the principal amount, interest and
      other charges.
      Joint Suit:
      If the mortgagor are more than one person
      then the suit will be filed against all of them if
      the loan is not returned.

    4. 4.

      Rights
      Sale of Property:
      In case of private property the
      mortgagee will issue at least 3
      months notice to the mortgagor
      before selling the property.

    5. 5.

      Liabilities
      When the property is in the possession of the
      mortgagee then it has the following liabilities:
      Property may not be damaged.
      No alteration is allowed in property.
      The property must be insured.
      Property must be kept secured.
      Rent of property must be collected.
      Govt. Revenue must be paid.
      Property must be kept clear from all dues.

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