Section 59 - Mortgage when to be by assurance : Transfer of Property Act, 1882

Mortgage when to be by assurance? Section 59 of Transfer of Property Act, 1882

 

Section 59 of Transfer of Property Act 1882 : "Mortgage when to be by assurance"

59. Where the principal money secured is one hundred rupees or upwards, a mortgage other than a mortgage by deposit of title deeds, can be effected only by a registered instrument signed by the mortgagor and attested by at least two witnesses.

 

 

Where the principal money secured is less than one hundred rupees, a mortgage may be effected either by a registered instrument signed and attested as aforesaid, or (except in the case of a simple mortgage) by delivery of the property.