According to the provisions of the Transfer of Property Act, 1882, 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. The transferor is called a mortgagor, the transferee a mortgagee; the principal money and interest of which payment is secured for the time being are called the mortgage-money, and the instrument (if any) by which the transfer is effected is called a mortgage-deed. A property may be transferred by way of mortgage in three different ways: (a) by registered document, (b) by delivery of possession and (c) deposit of title-deeds. There are six kinds of mortgages, namely, Simple Mortgage, Mortgage by conditional sale, Usufructuary Mortgage, English Mortgage, Mortgage by deposit of title-deeds and Anomalous Mortgage. Certain rights and liabilities of the mortgagor and mortgagee are stipulated under the provisions of this Act.
