The type of interest that is transferred in order to secure the loan has been taken into consideration while classifying mortgages. The rights and responsibilities associated with each type of mortgage are accordingly different. They vary as well regarding the requirements required to complete each of these six types of mortgages. So first let me tell you what is Anomalous mortgage meaning.
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An anomalous mortgage is one that does not fall under the definitions of the terms used in this section for simple mortgages, mortgages by conditional sales, usufructuary mortgages, English mortgages, or mortgages established by the deposit of title deeds. An anomalous mortgage is a combination of two or more different types of mixtures. For example, if A borrowed 15 lakhs from B and agreed to repay 10 lakhs after a year, B may take possession of the property and utilise the remaining 5 lakhs as a usufructuary mortgage. This is a combination of a usufructuary and a simple mortgage.
An anomalous mortgage is a transaction that is a mortgage in every way, meaning there is a debt and immovable property is being used as security for the debt's repayment. But the agreement between the creditor and debtor is so unique that it cannot be classified as a specific type of mortgage.
What are Anomalous mortgage examples:
1) An ownership mortgage that includes a promise to pay interest and principal (Ramanarayanimgar v. Maharaja of Venkatagiri AIR 1927 PC 32 (36)).
2) Tukaram v. Ramchand ILR (1902) 26 Bom 252 (258) describes a mortgage with possession that requires the transferee to keep the profits and rents for a set period of time before returning the land.
3) A mortgage in which the mortgagee retains ownership and the mortgagor is required to pay back the loan over time in interest-bearing instalments.
Anomalous mortgage meaning must be clear to you now.
Read More: What is a mortgage loan? What is a green mortgage? What is mortgage redemption? What are the different kinds of mortgages in property law?Your Feedback Matters! How was this Answer?
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What is anomalous mortgage?
Karan
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2023-03-07T17:42:20+00:00 2023-03-15T01:36:14+00:00Comment
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