sarvesh kanungo (n/a) 27 December 2011
In case of simple mortgage one can create one mortgage and then second mortgage with the preferance of first one on the similer property, but whether a person can do a "Mortgage by Declaration" on the property which is already mortgaged by a Simple Mortgage?
pervez (adviser) 28 December 2011
The earlier mortgage shall have preferance over all subsequent mortgage... In Transfer of property Act, there is no procedure / provision for creation of mortgage by way of mere declaration.... such mortgage will have no legal validity .... Needless to mention that simple mortgage requires cumpolsory registration with concerned sub-registrar...
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