If you are appointed as a Compliance Officer of The Global Bank Ltd., how you will advise to Mr. Rohit Aggarwal, Branch Manager to remove the Knowledge Gaps on Legal and Regulatory Compliance in Banks with regard to proc

Section 58 (a) of Transfer of Property Act, 1882, Mortgage: "A mortgage is the transfer of interest in specific immoveable property, for the purpose of securing the payment of money advanced or to be advanced by way of loan, on existing or future debtor the performance of an engagement which may give rise to pecuniary liability". Section 58 (b) of Transfer of Property Act, 1882, Simple Mortgage: "Without delivering possession of the mortgaged property, the mortgager binds himself personally to pay the mortgage money and agrees, expressly or impliedly, that in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold by a decree of the court in a suit and the proceeds of the sale to be applied so far as may be necessary in payment of the mortgage money". Intervention of court required. Mortgagee has no right to get any payments out of the rents and produce of the mortgaged property Mortgagee not put in possession of the property Registration is mandatory Section 58 (f) of Transfer of Property Act, 1882, Equitable Mortgage: "where a person delivers to a creditor or his agent documents of title to immoveable property, with the intent to create a security thereon, the transaction is called a mortgage by deposit of title deeds". Deposit of title deed with intention to secure debt. Original documents are required. Registration is optional. Deposit at notified places only. Independent of location of the property.