MORTGAGE & KINDS OF MORTGAGE

MORTGAGE

A mortgage is the transfer of an interest in specific immovable property of the purpose of securing the payment of money advanced or to be advanced by way of loan an existing or future debt or the performance of an engagement which may give rise to a pecuniary liability.

The transferor is called a MORTGAGOR.

The transfree is called a MORTGAGEE.

KINDS OF MORTGAGE

 

1. Simple mortgage

2. Mortgage by conditional sale

3. Usufructuary mortgage

4. English mortgage

5. Mortgage by deposit of title deeds

6. Anomalous mortgage