~All About Mortgage~💛

HELLO EVERYONE! I AM HERE TODAY TO HELP YOU IN KNOWING ABOUT MORTGAGE AND MORTGAGOR (LOANS).

MEANING:- when any person acquire any loan from bank or any other person against any security then this transaction is known as mortgage.A person acquire loan is known as mortgagor and a person who provides loan is mortgage.

TYPES OF MORTGAGE (LOAN PROVIDER) :-

SIMPLE MORTGAGE :- In this method right is created in favour of mortgage(loan provider) but the possession on property remains with mortgagor(loan taker) itself but if he/she fails to pay the loan then the mortgage has a right to sell the property and recover the amount.

USUFRUCTUARY MORTGAGE :-

Under this method position of property  is tranfered to mortgage(loan provider) and the mortgage can recover the money by using the Property in different manner. For e.g:- (Rent).

ENGLISH MORTGAGE :-

In this method property is Tranfered to bank against loan amount. Mortgagor creates right in favour of mortgagee. If loan is repayed within specified time then property will be reverted back and if it is not paid within specified time then transfer will be declared as sale.

MORTGAGE BY CONDITIONAL SALE :-

In this method property is tranfered by mortgagor as a sale and if loan is repayed then sale will be declared as invalid.

(If loan is not payed then the sale will be declared valid)

MORTGAGE BY DEPOSIT OF TITLE DEEDS :-

In this method all the originals document of ownership are deposited with bank and they will hold all the documents till the recovery off loan amount.

ANOMALOUS MORTGAGE :-

The mortgage which does not belong to any of the above mortgage is called an anomalous mortgage. For e.g:-(two combination of mortgage,(usufructuary and simple) both together are anomalous mortgage).

SUB MORTGAGE :-

In this method when any mortgage is created on existed mortgage then subsequent mortgage is known as sub mortgage.

PUISNE MORTGAGE :-

In this method when any person creates multiple mortgage on single property then subsequent mortgage and so on is known puisne mortgage.

RIGHTS OF MORTGAGOR (LOAN TAKER)

1)Right of redemption ( paid full loan and asked for the Property)

2)Right against clog (anything beyond the period of loan is clog always treated as invalid for e.g- taken the Property for some more time after completion of loan).

3)Right to partial redemption (if you have given more then one number of Properties and have been paid half of the loan so can ask for the property of such amount which has been paid).

RIGHTS OF MORTGAGE (LOAN PROVIDER).

1)Right to sale (if loan amount is not recovered can sell the property to recover the loan).

2)Right to sue for mortgage money (Even after Selling the property the money is not recover so the loan provider can sue the mortgagor).

3)Right to appoint receiver (appointing legal reciever to pay attention on mortgagor transaction).

A MORTGAGE IS TRANSFER OF AN INTEREST IN THE PROPERTY MADE BY THE MORTGAGOR AS A SECURITY FOR THE LOAN. A MORTGAGE CAN ONLY BE CREATED BY ACT OF PARTIES. MORTGAGE DEED MUST BE REGISTERED AND ATTESTED BY TWO WITNESSES. IN A MORTGAGE THERE CAN BE SECURITY AS WELL AS PERSONAL LIABILITY.

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~Memorandum Of Association~💛

HELLO EVERYONE I AM HERE TO HELP YOU IN KNOWING ABOUT WHAT IS MEMORANDUM OF ASSOCIATION (MOA) MEANS.

The term memorandum of association (MOA) is defined under section 2(56) of companies act 2013.it is an important Corporate document with certain jurisdiction.which contains fundamental Provisions of company's constitution.it contains every essential condition upon which alone the company can be incorporated.it not only shows the object of formation of the company but also defines the power of the company and the utmost possible scopes beyond which it's action cannot move.

It enables shareholders,creditors and all those who deal with the company to know their powers and range of activities it carries.

FOLLOWING ARE THE STATUTORY REQUIREMENTS REGARDING SUBSCRIPTION OF MEMORANDUM :-

The memorandum of association must be printed ,divided into paragraphs,numbered consecutively and signed by each subscriber (7 in public company, 2 in private company, 1 in one person company(OPC).Both artificial and natural person can subscribe to memorandum.

In OPC the memorandum shall indicate the name of other person which would be the nominee with the prior written consent ,who shall became the member of the company in the event of the subscriber death or in his/her incapacity to contract.

1)The memorandum must be signed by each subscriber in the presence of atleast one witness (who must attest the signature).

2)Each subscribe must write his/her occupation,address and the number of shares opposite his/her name .

3)Each subscribe must take atleast one share.

FORMS OF MEMORANDUM [SECTION 4] :-

section 4 of the companies act provides that the memorandum of association should be in respective forms specified in tables (A,B,C,D, and E) of schedule I to the act ,as may be Applicable to such company.

Form A is Applicable to the companies limited by shares.

Form B is applicable to the companies limited by guarantee and not having share capital.

Form C is Applicable to the companies limited by guarantee and having share capital.

Form D is applicable to unlimited companies and not having a share capital.

Form E is applicable to unlimited companies and having share capitals.

CLAUSES:-

A)Name clause :- The first clause in the memorandum must state the name by which a company is known.it may be noted that the name of the company shall not be identical too nearly with existing company.the name should not be such that it's use by the company will constitute an offence under law.the company shall not have name which is undesirable in the opinion of central government.

B) Registered office clause or situation clause :- The name if the state in which registered office is situated must be given in the memorandum.as per section 12, a small company shall from the 15th day of its Incorporation shall have the registered office.the company shall furnish to the registrar office verification of its Registered office with a period of 30 days of its Incorporation.

C)Objects clause :- It has a great importance as it determines the purpose and the capital of company.

D)Liability clause :- The fourth of memorandum of every Company must be stated that the liablities of its members is limited by shares or limited by guarantee or is unlimited.

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