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LEGAL AND REGULATORY ASPECTS OF BANKING (LRAB) 

Unit - 63 : Transfer of Property Act ,1882 

​​Legal & Regulatory Aspects of Banking - 

Unit - 63 : Transfer of Property Act , 1882
Transfer of property Act , 1882 means an act by which a living person conveys property, in present or in future , to one or more other living persons , or to himself and one or more other living persons.

Sale is a transfer of ownership in exchange for a price paid or promised or part - paid promised .

Actionable claim means a claim to any debt ( other than a debt secured by mortgage , hypothecation or pledge )  .

Mortgage is a transfer of an interest in specific immoveable property as a security for the repayment of a monetary liability.
 
The transferor is called Mortgagor. The transferee is called a Mortgagee
 
Types Of Mortgage
 
Simple Mortgage
does not deliver possession of the mortgaged property
 mortgagor himself personally to pay the mortgage money
in the event of his failing to pay, the mortgagee shall have right to get the
mortgaged property sold and recover his dues

Mortgage By Conditional Sale
The mortgagor apparently sells the mortgaged property to the mortgagee with the condition that on default of payment on a certain date the sale becomes absolute, the sale shall becomes void, the buyer(mortgagee) shall transfer the property to seller(mortgagor)

Usufructuary Mortgage
Gives possession
 To retain such possession until payment of mortgage-money
 To receive rents and profits arising from the property
 Appropriate the same towards payment of interest or mortgage-money or both

English Mortgage
The Mortgagor binds himself to repay the mortgage-money on a certain date and transfers the mortgaged property absolutely to the mortgagee
 
Subject to the condition that he will re-transfer it to the mortgagor upon payment of the mortgage-money
 
The power of sale without intervention of Court if money not paid

Mortgage by Deposit of Title Goods: 
The Mortgagor delivers documents of title with intent to create a security thereon. The delivery of documents of title is done in a town specified by state govt.

A mortgage other than a mortgage by deposit title deeds can be effected only in terms of a mortgage deed duly signed by the mortgagor and attested by at least two witnesses.
 
The essentials of valid Equitable Mortgage is debt, deposit of title deeds and intention as security.
 
Leases of Immoveable Property
A lease is a transfer of a right to enjoy the property for a certain time on in perpetuity (that is forever), in consideration of a price paid or promised, to be given periodically to the transferor by the transferee.
 
A lease for Agriculture/manufacturing purpose is deemed to be a year to year lease. This lease can be terminated by the lessor/lessee by giving 6 months notice to one another.
 
A lease for any other purpose is deemed to be a lease from month to month. It can be terminated by giving 15 days notice to one another.

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