mortgagor
The mortgagor is the person who transfers an interest in his immovable property to the mortgagee (the lender) as security for a debt. He remains the owner, subject to the mortgagee's interest.
His principal right is the right to redeem: on paying or tendering the mortgage-money at the proper time and place, he can require the mortgagee to return the deeds, reconvey the property and give up possession. This right cannot be taken away by contract (any such term is a clog on redemption). He may also inspect documents, require transfer of the mortgage to a third party in some cases, and grant leases while in lawful possession.
Example
The mortgagor tendered the full mortgage-money and demanded return of his title deeds under s.60 TP Act.
In Indian law
- Sections 58(a), 60 and 65A, Transfer of Property Act, 1882
See also
mortgage · equity of redemption · clog on redemption
Read more in the study notes
- Banker and customer: who they are and the legal character of the relationship (Banking Law)
- Lending by banks: principles, priority sector, securities, interest and penalty (Banking Law)
- Privileged communications (Bharatiya Sakshya Adhiniyam)
- Suits by or against firms, minors and persons of unsound mind, indigent persons, and interpleader suits (Civil Procedure Code and Limitation Act)
- Computation of limitation: exclusion of time, fraud, acknowledgment, part-payment and continuing wrongs (Civil Procedure Code and Limitation Act)
- Prescription, adverse possession and extinguishment of title (sections 25 to 27) (Civil Procedure Code and Limitation Act)