Wednesday 8 September 2021

Notification removing area restriction for Mortgage by deposit of title-deeds

 Section 58 in The Transfer of Property Act, 1882

. 4[(f) Mortgage by deposit of title-deeds.—Where a person in any of the following towns, namely, the towns of Calcutta, Madras, 5[and Bombay], 6[* * *] and in any other town7 which the 8[State Government concerned] may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immoveable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds.

By way of this notification, area restrictions have been removed.

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