Law: Transfer of Property Act (IV of 1882)

Section: S. 58 (f)

Law: Registration Act (X VI of 1908)

Section: S. 49

(a) Transfer of Property Act (IV of 1882),   S. 58 (f) Mortagage by deposit of title deeds does not require writing though such deposit deeds is usually accompanied by a memorandum Registration depends upon nature of document-Registration Act (XVI of 1908), S. 49.   A mortgage by deposit of title deeds does not require any writing, and being an oral transaction is not affected by the Law of Registration. It is however usual in these transactions that such deposit of title deeds is accompanied by a memorandum in writing. The question which often arises is whether the writing was of such a character as to require registration. The decision of that question must necessarily turn upon the nature of the document itself though assistance may be had from the con sideration of the surrounding circumstances.   It was the case of the plaintiff himself that no payment was made at the time when the memorandum of equitable mortgage was executed. The document itself recited that the advances aggregating Rs. 60,000 had been made between July 1952 and February 1954. The document then went on to state that the mortgagor, being unable to repay the said sum and to avoid legal proceedings against her, bad offered to secure the said sum by creating an equitable mortgage and then came the most important part which was as follows:   "In consideration of the sum of Rs. 60,000 (Rupees Sixty Thousand) lent and advanced by the Mortgagee to the Mort gagor as aforesaid (the receipt whereof is hereby also acknow ledged) the Mortgagor has this day deposited with the Mortgagee in Karachi the Documents of Title specified in Part II of the Schedule hereunder written relating to the said premises more particularly described in Part I of the Schedule hereunder with the intent to create a. security thereon, and as a first charge for the due repayment of the said sum of Rs. 60,000 with interest thereon at the rate of 9 per cent per annum, payable monthly with quarterly rest in account, and of all costs between Advocate and client of and incidental to these presents and of suit or proceedings (if any), to enforce payment of the said loan."   This document was…