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ARTICLE · 01 SEPTEMBER 2017

Immovable Properties And Creation Of Mortgage

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The Board of Directors should pass a resolution for borrowing and to mortgage the property.

IndiaFinance and Banking
Rajesh Gupta
Rajesh Gupta

WELCOME TO PRESENTATION ON IMMOVABLE PROPERTIES AND CREATION OF MORTGAGE

  • WHAT IS A "PROPERTY"
  • The Transfer of Property Act 1882 ("TPA") does not define the word "Property".
  • Many other statues define the word "Property" on the basis of their objects, e.g:
    • Sale of Goods Act, 1930: Property means the general property in goods, and not merely a special property.
    • Wealth Tax Act, 1957, Section 4, Expln. C: The expression "Property" includes any interest in property, movable or immovable, the proceeds of sale thereof and any money or investment for the time being representing the proceeds of sale thereof and where the property is converted into any other property by any method, such other property.

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