Transfer of Property Act
a.manoharan
(Querist) 04 June 2009
This query is : Resolved
Dear Experts ,
Please inform me whether the first charge can be created over the mortgaged property even though Memorandum of Deposit of Title Deeds got Registered as though in Registered Simple Mortgage . Any SC Judgement or any HC Judgement discused about this matter in detail. If available , please quote the same for expert's discussion.
Y V Vishweshwar Rao
(Expert) 04 June 2009
1- Mortgage -by Deposit of Title deeds -and- Simple Registered Mortgage - the mode of mortgage and Procedure to be chosen .
2- Once the Mortgage is created by Deposit of title deeds - the Mortgage /Charge is created and Memorandum of Equitable Mortgage to be Registered , the procedure for Equitable Mortgage and Simple Registered Mortgage is deterrent .
a.manoharan
(Querist) 04 June 2009
Dear Sir, My problem is when giving legal opinion , when no Original Partition Deed is available or Legal Heirship Certificate is not availabnle , I opine only for Registered Simple Mortgage. But, the Bank asks that when both are mortgages, why we should unncesarily spend more amount for registration. my opinion is that there is no first charge available when Memorandum of Deposit of Title Deeds got Registered as though in Registered Simple Mortgage . Is my view is right ? If so , please inform me any SC Judgement or any HC Judgement discused about this matter in detail. If available , please quote the same for expert's discussion.
a.manoharan
(Querist) 04 June 2009
Dear Sir,
THANK YOU VERY MUCH FOR YOPUR IMMEDIATE RESPONSE. My problem is when giving legal opinion , when no Original Partition Deed is available or Legal Heirship Certificate is not available , I opine only for Registered Simple Mortgage. But, the Bank asks that when both are mortgages, why we should unncesarily spend more amount for registration. my opinion is that there is no first charge available when Memorandum of Deposit of Title Deeds got Registered as though in Registered Simple Mortgage . Is my view right ? If so , please inform me any SC Judgement or any HC Judgement discused about this matter in detail. If available , please quote the same for expert's discussion.
Y V Vishweshwar Rao
(Expert) 05 June 2009
Dear Manoharan You are right !
There are no Regd Docuemtns /title deeds for depositing the Title Deeds with the bank and to create EM .You are satisfied with the title of the parties , but with out proper regd Title Deeds - The Option is for Registered Simple Mortgage Deed .
There is no need for both -Simple Registerd Mortgage and Equitable Mortgage .
The Bank can take Simple Registered Mortgage only and Bank can keep all the available documents pertainign to the proerty
With Regards !
a.manoharan
(Querist) 05 June 2009
Dear Sir,
THANK YOU VERY MUCH FOR YOUR IMMEDIATE RESPONSE. Usually , in Tamilnadu, the stamp duty is 1/2% subject to the maximum of Rs 5000/= and registration charge is 1% subject to the maximum of Rs 5000/= . For Simple Mortgage the stamp duty is 1% subject to the maximum of Rs 20000/= and registration charge is 1% subject to the maximum of Rs 5000/=. If i give legal opinion to Bank to create Registered Simple Mortgage - at the instances of when no Original Partition Deed is available or Legal Heirship Certificate is not available Or only patta / Record of Rights available- Bank first creates Memorandum in their book and subsequently requested customer to Register the Memorandum of Deposit of title deeds entirely different format from Memorandum in their book . In these circumstances , what will be the position of Memorandum in their book and subsequent Registered Memorandum of Deposit of title deeds entirely different from Memorandum in their book . Further , as they did not make Registered Simple Mortgage Deed , what will be the first charge of the Bank or getting personal decree against the customer if the borrower already got any loan and created any EM at any some other bank or financial institutions cheatingly with the help of any other Duplicate copy of Partition Deed or patta / Record of Rights as so many copies easily available . Only to avoid fraud as a rule of prudent , in these circumstances , i give opinion to get Registered Simple Mortgage which is safer for bank. But, the Bank asks that when both are mortgages, why we should unncesarily spend more amount for registration. my opinion is that there is no first charge available when Memorandum of Deposit of Title Deeds got Registered as though in Registered Simple Mortgage . Is my view right ? Because as per SC, if reduced into writing , only the said clauses in that Mortgage Deed is applicable. If so, there is no specific word ' charge or first charge' in the Registered Memorandum of Deposit of Title Deed. If my view is right , please inform me any SC Judgement or any HC Judgement discused about this matter in detail. If available , please quote the same for expert's discussion or directly to me. MY E MAIL ID : advocatemanoharan@gmail.com
Y V Vishweshwar Rao
(Expert) 05 June 2009
1- Stamp Duty defers from state to state
2- I think there is no Regd Parttition deed or Regd Title deeds
3- It is Only Patta Record of rights /Revenue records /pahnaies /adangal
4- In AP Under Record of Rigths the Tilte Book and Pattedar Pass Books will be issued , the said title Book will be treated as Title Deed for EM for Bank Agricultural Loans and the Said Mortgage and Charge will be informed to & recorded with Rights Recordign Authority /MRO
5- Where there is no ROR Title Book Issued in favour of Party he will be only Pattedar and Possesor -
in such cases in AP we advise only Regd Simple Margage .
