Mortgage
Narasimha swamy N
(Querist) 29 June 2009
This query is : Resolved
What are the consequences of the following
Mortgagor fails to get mortgage released within 30 years but Mortgagee also does not claim his right of foreclosure within 12 years from expiry 30 years in the court of law.
Will the mortgagor again gets right of redemption?
PALNITKAR V.V.
(Expert) 29 June 2009
Once a mortgage always a mortgage. In my opinion if the mortgagee does not claim his right of redemption, the mortgagor would be able to get the property released.
a.manoharan
(Expert) 30 June 2009
Dear PALNITKAR Sir,
i think right of redemption is wrongly understood.
PALNITKAR V.V.
(Expert) 30 June 2009
Dear Manoharan, please let all know what is proper understanding of right of redemption? I take the forum as learning institute. I am subject to correction if i have any wrong notions.
J K Agrawal
(Expert) 30 June 2009
Once a mortgate always a mortgage. Unless and untill forclosuer decree is not in the hands for mortgagee, the mortgage is alwayas available for redumption. The limitation act does not extinguish rights it only restrict remedy after a certain time.
The property in the hands of mortgagee after passing 30 years limitation of redumption may be assumed in adverse possession with him and if it passes further 20 years he gets right by prescription over the property.
I think period of redumption should not be unlimited for suppose 100 or 200 year. After all at one point of time the mortgagee should loose all his rights over property else this will fail rule against perpituity.
Right of redumption can not be said to be unrestricted. The right can not alive for thousands of year.
Further discussion is required.
