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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | CRITICAL REVIEW OF MODT |
| Authors Name: | D ISRAEL SELVARAJ |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_214363
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| Published Paper Id: | IJNRD2402291 |
| Published In: | Volume 9 Issue 2, February-2024 |
| DOI: | |
| Abstract: | Transfer of property act 1882, exercises the right of mortgagors and mortgagees in India. It is based on Justice, equity and conscience. The transaction of mortgage in embodied in the transfer of property read with CPC to complete the execution of Law. In transfer of property Act section 58 to section 104 deals with mortgage of immovable / movable property. Section 58 defines, mortgage, mortgagee, mortgagor, mortgage money and mortgage deed. It also define six types of mortgage namely simple mortgage, usufructuary mortgage, English mortgage, mortgage by conditional sale, mortgage by title deed deposit, and anomalous mortgages This article would enumerate the various aspects pertaining to mortgage by deposit of title deeds. This article would also interpret the finer dimension of mortgage by deposit of title deeds by registering the memorandum drafted for the purpose of mortgage. Memorandum of deposit of title deed in short called as MODT in the most prevailing and currently happening means of mortgage facility in India. MODT falls under register of property act 1882 under section 58. The Indian registration act 1908 is the Law that governs the registration of MODT deed. This act stipulates that MODT deed should be registered with appropriate authority’s specifically local Sub- Registrar office to make it legally enforceable Reserve Bank of India, RBI has issued guidelines to banks and financial institutions on the creation and registration of the MODT deed MODT deed registration is subject to stamp duty in order to make it as legal documents. This stamp duty varies from state to state based on loan amount and type of property. When all the above compliances are strictly adhered to then MODT becomes a valid legal document. |
| Keywords: | Mortgagee, MODT, Mortgagor |
| Cite Article: | "CRITICAL REVIEW OF MODT", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 2, page no.c838-c840, February-2024, Available :http://www.ijnrd.org/papers/IJNRD2402291.pdf |
| Downloads: | 000118771 |
| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2402291 Registration ID: 214363 Published In: Volume 9 Issue 2, February-2024 DOI (Digital Object Identifier): Page No: c838-c840 Country: Chennai, TAMILNADU, India Research Area: Other Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2402291 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2402291 |
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ISSN: 2456-4184
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