Comment on the following: A mortgage is a transfer of interest in any property.

Mortgage is transfer of interest in specific immovable property. Mortgage is defined under section 58 of the Transfer of Property Act, 1882. A mortgage is a transfer of interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of a loan, existing or future debt or performance of an acknowledgement, which may give rise to pecuniary liabilities. As such, it is a limited form of transfer of interest, unlike a sale of property.