Section 59 – Mortgage When to be by Assurance – The Transfer of Property Act, 1882
Section 59: Mortgage when to be by assurance.
59. Where the principal money secured is one hundred rupees or upwards, a mortgage 1[other than a mortgage by deposit of title-deeds], can be effected only by a registered instrument signed by the mortgagor and attested by at least two witnesses.
Where the principal money secured is less than one hundred rupees, a mortgage may be effected either by 2[a registered instrument] signed and attested as aforesaid, or (except in the case of a simple mortgage) by delivery of the property.
3 [* * * *]
Reference:
1. Ins. by Act 20 of 1929, s. 20.
2. Subs. by Act 6 of 1904, s. 3, for “an instrument”.
3. Third paragraph omitted by Act 20 of 1929, s. 20.