Definition of Mortgage
Q. What is Mortgage?- Published on 20 Jul 15a. A security created on immovable property for a deposit received by a bank
b. A security created on immovable property for a loan given by a bank
c. A facility created on movable property for a deposit received by a bank
d. A security created on movable property for a loan given by a bank
ANSWER: A security created on immovable property for a loan given by a bank
In the case of creation of registered mortgages, the mortgage deed should be presented for registration with Registrar of Assurances within 4 months from the date of execution of the deed.
