Multiple choice

In case of creation of equitable mortgage, the property which is to be equitably mortgaged, must be located in

  1. Notified towns only

  2. Chennai, Mumbai or Kolkata only

  3. Any place

  4. Either 1 or 2

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A mortgage in which the lender is secured by taking possession of all the original title documents of the property that serves as security for the mortgage, gives the mortgagee the right to foreclose on the property, sell it, or appoint a receiver in case of nonpayment and it can be at any place.