B Com Exam > B Com Questions > Difference between charge and mortage ?
Start Learning for Free
Difference between charge and mortage ?
Most Upvoted Answer
Difference between charge and mortage ?
“Now the broad distinction between a mortgage and a charge is this: that whereas a charge only gives a right to payment out of a particular fund or particular property without transferring that fund or property, a mortgage is, in essence, a transfer of an interest in specific immovable property.”
Community Answer
Difference between charge and mortage ?
BASIS FOR COMPARISON
Meaning:- Mortgage implies the transfer of ownership interest in a particular immovable asset.
Charge refers to the security for securing the debt, by way of pledge, hypothecation and mortgage.
Creation:- Mortgage is the result of the act of parties. Charge is created either by the operation of law or by the act of the parties concerned.
Registration:- Mortgage must be registered under Transfer of Property Act, 1882.
When the charge is a result of the act of parties, registration is compulsory otherwise not.
Term : Mortgage is Fixed , while charge is Infinite
Personal Liability:- In general, mortgage carries personal liability, except when excluded by an express contract.
No personal liability is created, however, when it comes into effect due to a contract, then personal liability may be created.
Meaning:- Mortgage implies the transfer of ownership interest in a particular immovable asset.
Charge refers to the security for securing the debt, by way of pledge, hypothecation and mortgage.
Creation:- Mortgage is the result of the act of parties. Charge is created either by the operation of law or by the act of the parties concerned.
Registration:- Mortgage must be registered under Transfer of Property Act, 1882.
When the charge is a result of the act of parties, registration is compulsory otherwise not.
Term : Mortgage is Fixed , while charge is Infinite
Personal Liability:- In general, mortgage carries personal liability, except when excluded by an express contract.
No personal liability is created, however, when it comes into effect due to a contract, then personal liability may be created.
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
Difference between charge and mortage ?
Question Description
Difference between charge and mortage ? for B Com 2025 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Difference between charge and mortage ? covers all topics & solutions for B Com 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Difference between charge and mortage ?.
Difference between charge and mortage ? for B Com 2025 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Difference between charge and mortage ? covers all topics & solutions for B Com 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Difference between charge and mortage ?.
Solutions for Difference between charge and mortage ? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of Difference between charge and mortage ? defined & explained in the simplest way possible. Besides giving the explanation of
Difference between charge and mortage ?, a detailed solution for Difference between charge and mortage ? has been provided alongside types of Difference between charge and mortage ? theory, EduRev gives you an
ample number of questions to practice Difference between charge and mortage ? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup