New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    Where immoveable property of one person is by act of

    parties or operation of law made security for the payment of money to another, and the transaction does not amount to a mortgage, it is___________________
    A Charge Correct Answer Incorrect Answer
    B Simple mortgage Correct Answer Incorrect Answer
    C Equitable mortgage Correct Answer Incorrect Answer
    D Actionable Claim over that property Correct Answer Incorrect Answer

    Solution

    Transfer of Property Act Section 100. Charges—Where immoveable property of one person is by act of parties or operation of law made security for the payment of money to another, and the transaction does not amount to a mortgage, the latter person is said to have a charge on the property; and all the provisions hereinbefore contained [which apply to a simple mortgage shall, so far as may be, apply to such charge.

    Practice Next