Section 58 of Transfer of Property Act - "Mortgage", "mortgagor", "mortgagee", "mortgage money" and "mortgagedeed" defined
Section 58 Transfer of Property Act Description
[A mortage except the mortgage by deposit of title deeds in favour of financial institutions] can be effected only by a registered instrument signed by the mortgagor and attested by at least two witnesses. (i) the Jammu and Kashmir Bank Ltd. ; (ii) the Industrial Development Bank of India ; (iii) a bank for the time being included in the Second Schedule of the Reserve Bank of India Act, 1934 and having an office for transacting the business of banking in the State ; (iv) the Industrial Credit and Investment Corporation of India ; (v) the Housing and Urban Development Corporation Limited, New Delhi ; (vi) the Jammu and Kashmir State Financial Corporation established under the State Financial Corporation Act, 1951 ; (vii) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 ; (viii) the General Insurance Corporation and its subsidiary Companies ; (ix) the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1946 ; (x) all Regional Rural Banks established under the Regional Rural Banks Act, 1976, and having an office for transacting business of banking in the State ; (xi) the Jammu and Kashmir State Co-operative Bank ; (xii) The Jammu and Kashmir Central Co-operative Bank, Anantnag/Baramulla, Central Co-operative Banks and Jammu Citizens Co-operative Bank ; (xiii) the Jammu and Kashmir Land Development Bank ; (xiv) the National Bank for Agriculture and Rural Development (NABARD) ; (xv) the Jammu and Kashmir Scheduled Castes and other Backward Classes Development Corporation Ltd. ; and (xvi) the Jammu and Kashmir Women's Development Corporation Ltd.]
A person is said to attest a document when he signs it as a witness after seeing the executant sign it, or on receiving from the executant or if the executant is a parda nashin female, from herself after proper identification and acknowledgment that the executant has signed the document.
[Explanation. - For purposes of this section, the 'financial institutions', shall mean-
Rights and Liabilities of Mortgagor.
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