Transfer of Property Act — Section 59
Mortgage when to be by assurance—Where the principal money secured is one hundred
59. Mortgage when to be by assurance—Where the principal money secured is one hundred rupees or upwards, a mortgage 5[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 6[a registered instrument] signed and attested as aforesaid, or (except in the case of a simple mortgage) by delivery of the property.
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7* 8[59A. References to mortgagors and mortgagees to include persons deriving title from them.—Unless otherwise expressly provided, references inthis Chapter to mortgagors and mortgagees shall be deemed to include references to persons deriving title from them respectively.]
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Rights and liabilities of mortgagor
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