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Legal & Regulatory Aspects of Banking

Unit – 17 : Law Relating to Securities and Modes of Charge-II


Pledge
Mortgage
Hypothecation
Banker’s Lien
Set-Off

 

Pledge

Mortgage

Pledge required only a limited interest in the
property and ownership remains with the right of pledger.

Here the legal ownership passes to mortgagee.
Of course subject to the mortgagor to redeem
the property

The Pawnee has “special property” in the
goods decree of pledged

The mortgage as a rule, takes decree of a Court of Law before having recourse against the property mortgaged.

Pawnee has no right to foreclosure

In certain cases, the mortgagee can foreclose the property.

 

Pawnor – The person whose goods are bailed

Pawnee – The person who takes the goods for security

Pledge means bailment of goods for the purpose of securing a payment of debt or an obligation.

A valid pledge can be created by owner of goods or a mercantile agent

A constructive pledge involves only delivery of keys of the warehouse.

Under the Contract of pledge the Pawnee can sell the goods pledged after notice or retain the goods and file a suit for recovery of debt.

 

Hypothecation

Mortgage

The mortgage of moveable property is
called Hypothecation

Mortgage relates to immoveable property

There is only obligation to repay the money
and no transfer of interest

There is transfer of interest.

 

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