Vidhi Codex

section 89B

Notice to be sent to Registering Officers by mortgagor in case of mortgage by depositing title deeds and provisions for compensation in favour of subsequent transferee

The Registration (Gujarat Amendment) Act, 1982
General198211 sections
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Statutory text
  1. (1) Every person who has mortgaged immovable property by way of mortgage by depositing title deeds under clause
    • (f) of section 58 of the Transfer of Property Act, 1882 shall, within 30 days from the date of mortgaged, file a notice of intimation of his having so mortgaged the property giving details of his name and address, name and address of mortgagee, date of mortgage, amount received under the mortgage, rate of interest payable, list of documents deposited, and description of the immovable property in the manner required by section 21, to the registering officer within the local limits of whose jurisdiction the whole or any part of the property is situated, and the said officer shall file the same in his Book No 1: Provided that if the property so mortgaged falls within the jurisdiction of more than one registering officer, the procedure specified in this sub-section shall be followed in respect of property within the jurisdiction of each of such officers.
  2. (2) If, the person who has mortgaged the property as aforesaid fails to file a notice within 30 days as referred to in sub-section
  3. (1) before the registering officer or officers, as the case may be and enters into any transaction in relation to of affecting the immovable property which is subject matter of the mortgage, with a third party, such a transaction shall be void and the third party shall be entitled to refund any amount paid by him together with interest at twelve per cent. from the date of payment and also to compensation for any damages suffered by him, from the transferor.
  4. (3) The amount recoverable by such transferee as specified in sub-section
  5. (2) shall be a charge on the interest of the mortgagor, in the mortgaged property:

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