Court Fees, And Time Frame For Recovery Of Mortgage Money In Bangalore

Dear Sir, Article 61: (Arts. 148, 134 and 105 of the Act of 1908): (a) The period of limitation for a suit by a mortgagor to redeem or recover possession of immovable property mortgaged is thirty years and the time of limitation starts to run when the right to redeem or to recover possession accrues. ADVERTISEMENTS: (b) The period of limitation for a suit by a mortgagor to recover possession of immovable property mortgaged and afterwards transferred by the mortgagee for a valuable consideration is twelve years and the period of limitation begins to run when the transfer becomes known to the plaintiff. (c) The period of limitation for a suit by a mortgagor to recover surplus collections received by the mortgagee after the mortgage has been satisfied is three years and the limitation period starts on the date when the mortgagor re-enters on the mortgaged property. Mortgage is a document whereby one who borrows money charged on certain property as security for the repayment of the sum advanced. A mortgage is the conveyance of an estate by way of pledge for the security of a debt. Mortgage consists of two things: it is a personal contract for a debt secured by an estate; and, in equity, the estate is no more than a pledge or security for the debt. ADVERTISEMENTS: