Transfer of Property Act, 1882, Section 58(f) -- Equitable mortgage - Can be created by deposit of either original title deed or certified copies or Photostat copies of title deeds - It is only the intention of parties which is prime factor to be considered...........
Registration Act, 1908, Section 17 -- Registration - Letter of confirmation deed confirming equitable mortgage - It is a letter of recording of concluded contract, evidencing past transaction, which does not require registration - Letter of confirmation deed and document of deposit of title deeds does not require registration...........
Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Section 19, 25, 29, 31A, Income Tax Act, 1961, Rule 68B -- Second Sch. - Auction sale - Conducted after lapse of 8 years from issuance of recovery certificate - Rule 68B of Second Sch. to Income Tax Act clearly mandates that no sale of immovable property shall be made after expiry of 3 years from the end..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 2(zb), 13(2), Transfer of Property Act, 1882, Section 58(f) -- Security agreement - Enforcement of security interest - In the instant case, guarantor deposited title deeds of suit properties with bank with intention of creating mortgage in favour of bank - Even,..........
Transfer of Property Act, 1882, Section 58(f) -- Mortgage by deposit of title deeds - In order to create mortgage by deposit of title deeds, all that is necessary is mere handing over of title deeds with the intend to create mortgage over property - No formal document is necessary...........
Civil Procedure Code, 1908, Order 7, Rule 10 -- Return of plaint - Mortgage suit - Once a person comes to Court with a positive stand that document No.4 was only a memorandum of deposit of title deeds post facto, it is not open to Court below to return the plaint on the presumption that there was no valid mortgage deed - Validity of mortgage deed is completely different..........
Stamp Act, 1899, Article 6 -- Stamp duty - Loan agreement - Agreement executed between parties does not contain the stipulation in writing about creation of mortgage by deposit of title deeds - Loan agreement only provides for a future eventuality requiring giving of security, which necessarily would not fall within the ambit of Art.6 of Act and the same is not chargeable..........
Transfer of Property Act, 1882, Section 58(f) -- Mortgage - Deposit of title deeds - Lease deed in favour of lessee with certain restrictions and conditions regarding transfer of such interest would not satisfy the requirement of title deed - As an unauthorized transfer cannot result in valid assumption of any right by transferee...........
Transfer of Property Act, 1882, Section 59, 100 -- Mortgage - Creation of charge - Held, mere undertaking that party will not dispose of properties mentioned in an undertaking, during currency of loan, will not create any charge over those properties, unless charge is created by deposit of title deeds or through a registered document...........
Transfer of Property Act, 1882, Section 59 -- Mortgage - When there is a mortgage other than a mortgage by deposit of title deeds, it can be effected only by a registered instrument...........
