Law Maker

CHAPTER IV OF MORTGAGES OF IMMOVEABLE PROPERTY AND CHARGES

Section 59: Mortgage when to be by assurance

The Transfer of Property Act, 1882

Where the principal money secured is one hundred rupees or upwards, a mortgage 1[other than a mortgage by deposit of title-deeds] can be effected only by a registered instrument signed by the mortgagor and attested by at least two witnesses.

Where the principal money secured is less than one hundred rupees, a mortgage may be effected either by 2[a registered instrument] signed and attested as aforesaid, or (except in the case of a simple mortgage) by delivery of the property.

3* * * *

Footnotes in the official text

  1. 1.Ins. by Act 20 of 1929, s. 20.
  2. 2.Subs. by Act 6 of 1904, s. 3, for “an instrument”.
  3. 3.Third paragraph omitted by Act 20 of 1929, s. 20.

Questions on this section

2 questions in 9 of our papers cite Section 59. Try these from the free papers:

  1. 1. Consider the following statements under Section 59 of the Transfer of Property Act, 1882: 1. Where the principal money secured is less than one hundred rupees, a simple mortgage may be effected by delivery of the property. 2. Section 59 does not require a mortgage by deposit of title-deeds to be effected by a registered instrument, whatever the amount secured. 3. Where the principal money secured is less than one hundred rupees, a usufructuary mortgage may be effected by delivery of the property. Which of the statements given above is/are correct?

Practise questions on Transfer of Property Act