anomalous mortgage
Section 58(g) TPA defines an anomalous mortgage as one that is not a simple mortgage, mortgage by conditional sale, usufructuary mortgage, English mortgage or mortgage by deposit of title deeds. It often combines features of two or more of these, for example possession with a personal covenant to repay, or a usufructuary mortgage with a power of sale.
Under s.98 TPA, the rights and liabilities of the parties to an anomalous mortgage are determined by their contract as shown in the mortgage deed and, so far as the contract does not extend, by local usage. The label matters because the remedies (sale, foreclosure, possession) depend on which features the deed contains.
Example
The deed gave the lender possession of the field in lieu of interest and also a personal covenant to repay the principal, so it was an anomalous mortgage under s.58(g).
In Indian law
- Section 58(g), Transfer of Property Act, 1882 (anomalous mortgage defined)
- Section 98, Transfer of Property Act, 1882 (rights and liabilities of parties)
See also
mortgage · simple mortgage · usufructuary mortgage · English mortgage
Read more in the study notes
- Mortgage deed and lease deed (Drafting, Pleading and Conveyance)
- Possession: the idea, Roman and English law, and the theories (Legal Concepts)
- Mortgage: definition and kinds (Property Law)
- Rights and liabilities of mortgagor and mortgagee (Property Law)
- Levels and elements of theory; theory and research (Sociology - Recent Theoretical Perspectives)