Defined under Section 58(b) of the Indian Transfer of Property Act as a simple mortgage is a transaction whereby ‘without delivering possession (ownership or occupancy) of the mortgaged property, the mortgagor binds himself personally to pay the mortgage money and agrees, expressly or implicitly, that in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold by a decree (an order of law) of the court in a suit(a case in a law court) and the proceeds of the sale to be applied so far as may be necessary in payment of the mortgage money; there is no foreclosure of the mortgaged property. Normally a mortgage is to be registered if the mortgaged money is Rs.100 or more. Mortgage deed is to be executed and appropriately stamped ad valorem with two best available witnesses.
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