Question: What is
mortgage?
Answer:
Mortgage
is a method of charging. This type of charging is done in case of immovable
property. Immovable property includes land & things attached to the earth
like trees, buildings & fixed machinery.
Question: What are the differences among Mortgage, Pledge and Hypothecation?
Answer:
Ø Mortgage is made as a security for
the repayment of a debt- present or past, an interest of the owner in the
property. Mortgaged is to some extent parted or transfer. The physical
possession of the property may or may not be parted.
Ø Pledge is the bailment of goods
(under the possession of the Bank) as
security for payment of a debt. Title & ownership is not transferred but
the pledgee has a right to sell the pledged item if the condition of the pledge
is violated.
Ø Hypothecation is a floating charge
against stock of goods. It is used in case of advance against movable goods.In
case of hypothecation neither ownership nor possession is transferred.
Question:
What are different types of Mortgage?
Answer:
i)
Simple Mortgage
ii)
Mortgage by Conditional Sale
iii)
Usufructury Mortgage
iv)
English Mortgage
v)
Equitable Mortgage
vi)
Anomalous Mortgage
Question:
What is Lien?
Answer:
A lien is the right of a
creditor in possession of goods, securities or any other asses belonging to the
debtor to retain them until the debt is
repaid
Question:
What are the Different Type of Lien?
Answer:
i)
Particular Lien
ii)
General Lien
iii)
Banker’s Lien
iv)
Negative Lien
v)
Equitable Lien
vi)
Maritime Lien
No comments:
Post a Comment