83. Where an immovable property of a person is made security for the payment of money to another and the transaction does not amount to a mortgage, is called :
(a) gift (b) charge
(c) exchange (d) lien
Answer and NotesAnswer is B
Sandeep : According to section 100 of the Transfer of Property Act, 1882, where immovable property of one person, is by the act of parties or by the operation of law, made security for the payment of money to another & the transaction does not amount to mortgage the latter person is said to have a charge on the property.
87. A transfer of specific immovable property for securing the payment of money advanced or to be advanced by way of loan, and existing or future
debt is known as a :
(a) Sale (b) Pledge
(c) Bailment (d) Mortgage
Answer and NotesAnswer is D
Sandeep : Refer section 58 of the Transfer of Property Act, 1882.
9. In which of the following mortgages, the mortgagor is required to deliver possession of the mortgaged property to the mortgagee ?
(a) English mortgage (b) Mortgage by conditional sale
(c) Usufructuary mortgage (d) Anomalous mortgage
Answer and NotesAnswer is C
Explanation : According to section 58( d) of Transfer of Property Act Usufructuary mortgage is where the mortgagor delivers possession of the mortgaged property or expressly or by implication binds himself to deliver the possession. The possession is retained till the mortgaged money is paid back. Mortgagee is entitled to receive rents and profits accruing from the property in
lieu of interest, payment of mortgage-money or partly in lieu of interest and partly in payment of mortgage-money.