Section 13 TPA Explained: Definition of mortgage | Nyaya

Statutory Content

What does Section 13 of TPA say?

A mortgage is a contract whereby the mortgagor transfers the right to the property to the mortgagee as security for a loan. The mortgage must be in writing and registered. The property must be identified and the loan amount must be agreed upon. The mortgage can be oral, but it must be registered within a specified period. The mortgage can be rescinded if the loan is not repaid within the specified period. The mortgage can also be rescinded if the mortgagor fails to pay the loan within the specified period. The mortgage can be assigned by the mortgagee to another person, but the assignment must be in writing and registered. The mortgage can be novated by the mortgagor to another person, but the novation must be in writing and registered.

Indian StandardSection 13, Transfer of Property Act, 1882

Bluebook (21st ed.)Transfer of Property Act, 1882, § 13 (India)

Court Pleading StandardSection 13 of the Transfer of Property Act, 1882

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Source: Gazette of India (Official Publication)Verify egazette.gov.in ↗

Common Questions about Section 13 TPA

What is Section 13 of TPA?

Section 13 of the Transfer of Property Act, 1882 (TPA) defines and regulates "Definition of mortgage". The section states: A mortgage is a contract whereby the mortgagor transfers the right to the property to the mortgagee as security for a loan. The mortgage must be in writing and registered. The prop...

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