Law: Transfer of Property Act, 1882

Section: 58

Law: Punjab Redemption and Restitution of Mortgaged Lands Act, 1964

Section: 3,17

(a) Transfer of Property Act (IV of 1882)--- ----S. 58---Mortgage---Concept of mortgage and rights of a mortgagor and mortgagee explained. In essence, a mortgage is a contract between two parties (i.e. a borrower/mortgagor and a lender/mortgagee) where a capital sum of money is lent in exchange for a proprietary interest in land. Unlike other proprietary interests in land, a right accrues to both the mortgagor and a mortgagee once a mortgage deed has been executed between two parties. These interests are: (1) the mortgagors/borrowers right to have the land redeemed/returned once the capital money lent has been repaid; and (2) the mortgagees/lenders right to possess and acquire the property if the capital money lent is not repaid as stipulated in the mortgage deed. The proprietary rights of both the mortgagor and mortgagee are independent proprietary interests and there is oftentimes no bar on the parties to transfer and/or sell their respective rights in the mortgage to subsequent parties. (b) Punjab Redemption and Restitution of Mortgaged Lands Act (XIX of 1964)--- ----Ss. 3, 17, Chapt. II---Redemption of mortgage---Bar on jurisdiction of Civil Court---Scope---Punjab Redemption and Restitution of Mortgaged Lands Act, 1964 has not barred the jurisdiction of Civil Courts to adjudicate on matters pertaining to redemption of mortgages insofar as Chapter II of the said Act is concerned. (c) Evacuee Property and Displaced Persons Laws (Repeal) Act (XIV of 1975)--- ----S. 4---Displaced Persons (Land Settlement) Act (XLVII of 1958), Ss. 18, 25 [since repealed]---Specific Relief Act, (I of 1877), S. 42---Redemption of mortgage---Bar on jurisdiction of Civil Court---Scope---Admittedly, the appellants (successors-in-interest of plaintiff) never challenged the mutation which vested in the Central Government mortgagee rights in the suit property, until 1979 by approaching the Civil Court---Nothing was available on the record to suggest that the appellants had ever approached the competent Revenue Officials for resolving their grievance in light of the ouster of jurisdiction in section 25 of the Displaced Persons (Land Settlement) Act, 1958 (the Settlement…

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