Definition of Mortgage

Q.  What is Mortgage?
- Published on 20 Jul 15

a. 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.

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