New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Mortgage-money includes?

    A Principle money of debt only Correct Answer Incorrect Answer
    B Principle momney of debt + interest thereon Correct Answer Incorrect Answer
    C Principle money +property mortgaged Correct Answer Incorrect Answer
    D All of the above as determined by the parties. Correct Answer Incorrect Answer

    Solution

      S. 58. “Mortgage”, “mortgagor”, “mortgagee”, “mortgage-money” and “mortgage-deed” defined.—(a) A mortgage is the transfer of an interest in specific immoveable property for 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 transferee a mortgagee; the principal money and interest of which payment is secured for the time being are called the mortgage-money.  

    Practice Next