Distinguish between the following: Release and re-conveyance of mortgaged assets

CS Professional · Drafting, Appearances and Pleadings · PYQS · June 2018
Distinguish between the following: Release and re-conveyance of mortgaged assets

Answer & Explanation:

Release of any of the mortgaged assets or reconveyance of the mortgaged property could be done by a registered document in case the mortgage has been created in the form other than equitable mortgage by deposit of title deeds by a registered deed of mortgage. In those cases where release or reconveyance of mortgaged property covered under equitable mortgage is sought by the mortgagor, the same could be done by releasing the relevant title documents and redepositing the remaining title deeds by rewriting the memorandum for creation of equitable mortgage. On redemption of equitable mortgage all the title deeds could be released by the mortgagee to the mortgagor by personal hand delivery and against accountable receipts from the mortgagor.

Topics: Mortgage

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