PROPERTY LAW ASSIGNMENT

SEMESTER-V
MORTGAGE

SUBMITTED TO-
MS.Navditya Tanwar
Aaaistant Prof. of Law

SUBMITTED BY-
Kushagra
1020181923

HIMACHAL iiPRADESH iiNATIONAL iiLAW iiUNIVERSITY

iGHANDAL, iiSHIMLA, iiP.O. iiSHAKRAH, iiSUB-TEHSIL iiDHAMI

DISTRICT iiSHIMLA, iiHIMACHAL iiPRADESH-171014

Ph. ii0177-2779802, ii0177-2779803, iiFax: ii0177-2779802

Website:http://hpnlu.ac.in

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 INDEX
P.N.

1. INTRODUCTION………………………………………….. 3
2. WHAT IS MORTGAGE…………………………………… 7-11
3. TYPES OF MORTGAGE……………………………………. 12
4. SIMPLE MORTGAGE………………………………………. 13
5. MORTGAGE BY CONDITIONAL SALE…………………. 14-15
6. USUFRUCTUARY MORTGAGE………………………….. 16
7. ENGLISH MORTGAGE…………………………………… 17-18
8. MORTGAGE BY DEPOSIT OF TITLE DEEDS…………. 19-21
9. ANOMALOUS MORTGAGE…………………………….. 22-23

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Introduction
A mortgage is the transfer of an interest in immovable property for the purpose of securing
the payment of money advanced, an existing or future debt or the performance of an
engagement which may give rise to a pecuniary liability.
The transferor is called a ‘mortgagor ‘, and the transferee a ‘mortgagee’ . The principal
money and interest of which payment is secured for the time being are called the ‘ mortgage
-money ‘, and the instrument by which the transfer is effected is called a ‘ mortgage deed ‘ .
The words ‘ mortgagors ‘ and ‘ mortgagees ‘ also include persons deriving title from them
respectively .
Essential conditions of a mortgage:
1. There is a transfer of interest to the mortgagee.
2. The interest created in specific immovable property.
3. The mortgage should be supported by consideration.

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WHAT IS A MORTGAGE :
In an old case of 1883 , Justice Mahmood observed ,”…… a
mortgage , as understood in this country , cannot be defined better than by the definition
adopted by the Legislature in section 58 of the Transfer of Property Act . That definition has
not , in any way , altered the law , but , on the contrary , has only formulated in clear
language , the notions of a mortgage , as understood by all the writers of the text-books on
Indian mortgages . Every word of the definition is borne out by the decisions of Indian
Courts of Justice ….. “
Section 58 of the Transfer of Property Act defines mortgage . According to this section a
mortgage is the transfer of an interest in specific immovable property for the purpose of
securing --
i) the payment of money advanced or to be advanced by way of loan
ii) an existing or future debt , or
iii) the performance of an engagement which may give rise to a pecuniary liability .
The transferor is called a ‘mortgagor ‘, and the transferee a ‘mortgagee’ . The principal
money and interest of which payment is secured for the time being are called the ‘
mortgage -money ‘, and the instrument by which the transfer is effected is called a ‘
mortgage deed ‘ . The words ‘ mortgagors ‘ and ‘ mortgagees ‘ also include persons
deriving title from them respectively .

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Rights and Liabilities of Mortgagor and Mortgagee
Rights of Mortgagor
Right of Redemption
As per Section 60 of the Transfer of the Property Act, 1882 one of the important rights of the
mortgagor is the right to redeem the mortgage.
 Once the money has become due on the specified date the mortgagor has the right
to get back the mortgaged property on paying the money to the mortgagee.
 Right to redemption is a statutory and legal right which cannot be extinguished on
the entering into any agreement.
Right to transfer to a third party
 As per Section 60A of the Transfer of Property Act, 1882 the mortgagor may direct
the mortgagee to assign the mortgage debt and authorise him to transfer the
property to a third party instead of transferring him the same.
 The object of this section is to enable the mortgagor to pay off the debt of the
mortgagee by taking a loan from another person on the security of the same
property.
Right to inspection and production of documents
 As per Section 60B of the Transfer of Property Act, 1882 the mortgagor may
inspect anytime the document of title relating to the mortgaged property which is in
the custody of the mortgagee.
 The costs and expenses incurred while inspecting the documents may be borne by
the mortgagee.
Right to accession
 As per Section 63 of the Transfer of Property Act, 1882 during the subsistence of
the mortgage if any accession is made to the mortgaged property where the
property is in possession of the mortgagor itself and then the mortgagor has a right
to take in accession after the redemption of the mortgage.
 Accession can be of two types:
1. Natural accession.

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 2. Acquired accession.
 Right to improvement
 As per Section 63A of the Transfer of Property Act, 1882 during the subsistence of
the mortgage if any improvement is made to the property where the property is in
possession of the mortgagee and then the mortgagor has a right to take the
improvements made to the property upon the redemption.
 But where the improvements were at cost of the mortgage by preserving the
property from destruction then the mortgagor is liable to pay the cost which is
incurred by the mortgagee in preserving the property.
Right to a renewed lease
 As per Section 64 of the Transfer of Property Act, 1882 where the property which
the mortgagor has given for mortgage is a leasehold property if the mortgagee
renews the leases during the subsistence of mortgage the mortgagor shall obtain the
benefit of the lease upon the redemption of the mortgage.
Right to grant a lease
 As per Section 65A of the Transfer of Property Act, 1882 a mortgagor shall have
the right to grant a lease of which is lawfully in possession with the mortgagee and
such lease shall be binding on the mortgagee subject to the following conditions:
1. lease shall be according to the local laws, custom or usages.
2. no rent or premium shall be paid in advance.
3. the lease shall not contain a covenant for renewal.
4. the lease shall come into effect within six months from the date on which it is
made.
5. in case lease of buildings, the duration of the lease shall not exceed not more than
three years.
Liabilities of Mortgagor
Section 65 and 66 of the Transfer of the Property Act, 1882 deals with the liabilities of the
mortgagor.
Section 65 is the implied liabilities which are laid upon the mortgagor. Subject to the
contrary, every mortgagor is deemed to have made the following covenant.

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a. Covenant for title
 As per Section 65(a) of the Transfer of the Property Act, 1882 there is an implied
covenant that the mortgagor transferring the interest in the property to the
mortgagee belongs to the mortgagor only.
 And it is necessary that the mortgagor possess the transferable interest in the
property.
 In case mortgagor makes a breach in the covenant the mortgagor is liable to
compensate.
 b. Covenant for the defence of the title
 As per Section 65(b) of the Transfer of the Property Act, 1882 the mortgagor has a
duty impliedly to either defend the title if anyone tries to take away the title from
the mortgagee or help the mortgagee in defending the title.
 By doing so, the mortgagor bears all the expenses incurred while defending the
title.
 c. Covenant for payment of public charge
 As per Section 65(c) of the Transfer of the Property Act, 1882 there is an implied
duty to the mortgagor that upon the execution of the mortgage the mortgagor shall
pay all the necessary changes.
 If the mortgagor fails to meet the required charges the property would be sold by
the public authorities and realise the charges.
 d. Covenant for payment of rent
 As per Section 65(d) of the Transfer of the Property Act, 1882 where the property
mortgaged by the mortgagor is a leasehold property there is an implied duty of the
mortgagor to pay the rent of the mortgaged property.
 e. Covenant for the discharge of prior mortgage
 As per Section 65(e) of the Transfer of the Property Act, 1882 there is implied duty
of the mortgagor to discharge the prior mortgage if any.
 There is always a presumption that the mortgagor has a covenant with the
subsequent mortgages to pay off the mortgage on becoming due.

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  In such subsequent mortgage if the mortgagor makes a breach the subsequent
mortgagee would have the right to sue for his mortgaged money.
Mortgagors liability for waste
 Section 66 of the Transfer of the Property Act, 1882 states there is an implied duty
on mortgagor that he shall not do any act which is injurious or destructive to the
mortgaged property.
 Mortgagee should also see that he also does not commit any act which results in
reducing the value of the mortgaged property.
 Following activities are considered as waste by the mortgagor:
1. Removing valuable fixtures from the mortgaged property.
2. Pulling down the mortgaged house and taking the price of the materials.
3. Cutting down the timber from the mortgaged property.
4. Mining under the mortgaged building which as a result may lead to placing the
building in the danger.
5. Working new mines on the mortgaged property.
 Whether any particular activity is considered as waste or not depends on the degree
of the loss of the mortgaged property.
 The mortgagor is liable only for the active waste and not the permissible waste. 

Rights and Liabilities of Mortgagee

The rights and liabilities of a mortgagee are given from Section 67 to 77 of Transfer of
Property Act, 1882.
Rights of Mortgagee in Possession
Right to foreclosure or sale
 As per Section 67 of the Transfer of Property Act, 1882 the mortgagee has a right
to foreclosure or sale.
 When the mortgagor does not pay the mortgage money after the specified date is
over and the mortgagor’s right to redeem the mortgaged money has become
complete but he has failed to avail that right then mortgagee gets a right to institute

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 suit for a decree that the mortgagor is absolutely debarred of his right to redeem the
property. 
 The difference between the right to redemption and right to foreclosure is that the
former is an absolute right whereas the right to foreclose is not.
 The mortgagor cannot limit the right of redemption but the right to foreclose can be
made subject to a contract between the parties.
Right to sue
 As per Section 68 of the Transfer of Property Act, 1882 the mortgagee has every
right to sue for the mortgaged money.
 The mortgagee can sue for mortgaged money in the following circumstances:
1. where mortgagor binds himself to repay the money to the mortgagee.
2. where the property mortgaged by the mortgagee has been destroyed either wholly
or partially without the fault of the mortgagee.
3. where the property mortgaged, the mortgagee is deprived of the security due to
some wrongful act done by the mortgagor.
4. where the mortgagors fail to deliver the possession to the mortgagee.
Right to sell
 As per Section 69 of the Transfer of Property Act, 1882 the mortgagee has every
right to sell the mortgaged property if the mortgaged money has not been received
 This right can be exercised by the mortgagee when the mortgagor makes a default
in payment of the mortgaged money after the specified date is over.
 This right can be exercised without the intervention of the court but only in the
following cases:
1. if the mortgage is an English mortgage both the mortgagor and mortgage should
not be Hindu, Muslim, Buddhist, or a member of any other race as specified by the
state government;
2. when there is a contract between the mortgagor and mortgagee the sale would take
place without the intervention of the court in case of default in payment of
mortgaged money;

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 3. to exercise the above right the mortgaged property should be situated either in
Calcutta, Madras, Bombay, Ahmedabad, Kanpur, Allahabad, Lucknow,
Coimbatore, Cochin and Delhi.
Conditions to exercise of Power
Before the sale proceeding can take place the mortgagee has to fulfil the following
conditions: 
 The notice has to be served on the mortgagor in writing and three months have to
be elapsed from sending the notice.
 When the money is unpaid for three money and mortgaged money is at least INR
500 in arrear.
Right to appoint a receiver
 A receiver is appointed only if there happens to be a sale under Section 69 of the
Transfer of Property Act, 1882.
 The appointment of the receiver is made according to the mortgaged deed.
 The person appointing as a receiver should be willing to act as a receiver if he is
unable to act as a receiver then the mortgagee can appoint the receiver if the
mortgagor agrees. In case the mortgagor does not agree to the appointment made
by the mortgagee then the mortgagee can apply to the court for the appointment.
 The money received by the receiver shall distribute for the following to below case
1. he may discharge all the rents, taxes, land revenues, and any other charge which is
affecting the property.
2. he can claim back the payment along with the interest.
3. he can keep a sum of money as commission and he may pay premiums on the
various insurances insured.
Right to accession to mortgaged property
 As per Section 70 of the Transfer of Property Act, 1882 if there is a contract
between the mortgagor and mortgagee that after the date of mortgage that the
mortgagee shall have the right to the accession made to the mortgaged property
then the mortgagee shall have right to all the accessions made.
Right of Mortgage to spend the money

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  As per Section 72 of the Transfer of Property Act, 1882 the mortgagee has a right
to spend the money when it is necessary.
 There are few circumstances in which the mortgagee has a right to spend the money:
1. the mortgagee can spend the money on preserving the mortgaged property from
destruction, forfeiture and sale.
2. the mortgagee can spend the money if circumstances arise to protect the
mortgagor’s title to the property.
3. when the mortgaged property happens to be a renewable leasehold property.
4. the mortgagee can spend the money on insuring the mortgagor’s property.
Right to proceed of revenue sale or compensation on acquisition
 As per Section 73(1) of the Transfer of Property Act, 1882 if the mortgaged
property is sold due to the non-payment of government dues then the mortgagee
shall have every right to claim back his mortgaged money from such sale.
 As per Section 73(2) of the Transfer of Property Act, 1882 if the mortgaged
property is acquired under the land acquisition act or any other act and the
compensation is paid the mortgagee can claim his debt from such compensation.

TYPES OF MORTGAGE
Section 58 of the Transfer of property Act has introduced six kinds of mortgages . they
are as follows ----
1) Simple mortgage.
2) Mortgage by conditional sale .
3) Usufructuary mortgage .

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4) English mortgage .

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SIMPLE MORTGAGE-
“Where, without delivering possession of the mortgaged property, the mortgagor binds
himself personally to pay the mortgage-money, and agrees, expressly or impliedly, 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 and the proceeds of sale to be applied, so far as may
be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage
and the mortgagee a simple mortgagee.”
The characteristics of a simple mortgage are:-
1. That the mortgagor must have bound himself personally to repay the loan;
2. That to secure the loan he has transferred to the mortgagee the right to have specific
immovable property sold in the event of his having failed to repay and;
3. That possession of the property is not given to the mortgagee;
The essential characteristics of a simple mortgage therefore are that possession is not
given to the mortgagee of the mortgaged property. That is expressly provided in the
definition itself. All the rights which the mortgagee has are these: First to recover the
money which he has loaned. His second right is that in the event of non-payment, “the
mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds
of sale to be applied so far as may be necessary, in payment of the mortgage money.”

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MORTGAGE BY CONDITIONAL SALE-
“Where, the mortgagor ostensibly sells the mortgaged property:-
On condition that on default of payment of the mortgage-money on a certain date the sale
shall become absolute, or on condition that on such payment being made the sale shall
become void, or on condition that on such payment being made the buyer shall transfer
the property to the seller, the transaction is called a mortgage by conditional sale and the
mortgagee a mortgagee by conditional.
PROVIDED that no such transaction shall be deemed to be a mortgage, unless the
condition is embodied in the document which effects or purports to effect the sale.”
Mortgage by conditional sale is an apparent sale with a condition that upon repayment of
the consideration amount, the purchaser shall re transfer the property to the seller.
Although, the whole transaction looks into like a conditional
sale yet, in essence the intention of the parties is to secure the money which the seller
takes as 'loan from the purchaser. Mortgage by conditional sale was very well known in
India. Among the Muslims it was a common mode of securing a debt. It was common
also among the Hindus as a mortgage which became a sale on non -payment of debt. The
Transfer of Property Act has now recognised this form of mortgage with modifications.

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Essential elements of mortgage by Conditional Sale – According to Section 58(c) the
mortgage by conditional sale has following essential elements:
i. There is an ostensible sale of an immovable property.
ii. The sale is subject to any of the following conditions:

o On non-payment of mortgage-money (price) the sale would become absolute or,

o On non-payment of mortgage-money, the sale shall become void or the buyer shall re
transfer the said property to the seller.
i. The condition must be embodied in the same document.
Ostensible sale means a sale which apparently looks look a sale but in reality there is no
sale. In this mortgage, apparently there is a sale of an immovable property but in reality it
is intended to secure a debt. Although in appearance the transaction may be like a sale
but, since the intention of the parties is to treat it as security for debt, therefore there must
exist a relation of debtor and creditor between seller and buyer, the sale is not mortgage.

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USUFRUCTUARY MORTGAGE-
“Where the mortgagor delivers possession or expressly or by implication binds himself to
deliver possession of the mortgaged property to the mortgagee, and authorises him to
retain such possession until payment of the mortgage-money, and to receive the rents and
profits accruing from the property or any part of such rents and profits and to appropriate
the same in lieu of interest or in payment of the mortgage-money, or partly in lieu of
interest or partly in payment of the mortgage-money, the transaction is called a
usufructuary mortgage and the mortgagee a usufructuary mortgagee.”
Mortgage is usufructuary where the mortgagor gives possession of the property to
mortgagee. Since possession is with mortgagee, he gets the usufruct i.e. Produce, benefits,
rents or profits of the mortgage-property. In a usufructuary mortgage, the mortgagee is
entitled to enjoy the benefits of mortgage property in lieu of interest on the principal
money (debt) advanced by him. So, on payment of debt (principal money) the mortgagee
has no right of possession. Where the property is capable of giving good produce or
benefits, the parties may also agree that mortgagee is entitled to get the usufruct of
property not only in lieu of interest but also in part-payment of the money advanced.
Essential elements of usufructary mortgage- The essential elements of usufructuary
mortgagor are as follows:-
1. Delivery of possession of the mortgage-property or, an express or implied undertaking
by mortgagor to deliver such possession.
2. Enjoyment or use of the property by mortgagee until his dues are paid off.
3. No personal liability of the mortgagor.
4. Mortgagee cannot foreclose or sue for sale of mortgage-property.

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ENGLISH MORTGAGE-
“Where the mortgagor binds himself to repay the mortgage-money on a certain date,
and transfers the mortgaged property absolutely to the mortgagee, but subject to a
proviso that he will re-transfer it to the mortgagor upon payment of the mortgage-
money as agreed, the transaction is called an English mortgage.
In English mortgage there is absolute transfer of property to mortgage with a
condition that when the debt is paid off on a certain date, he (mortgagee) shall re-
transfer the property to mortgagor. In English mortgage, the mortgagor binds himself
personally to pay the debt. In this form of mortgage the personal debt exists and
despite conveyance the debtor is personally liable for the debt.
It is also necessary that specific date be maintained upto which the mortgagor must
repay the debt. The English mortgage must contain any particular date say 5th May,
2010 upto which he will repay the mortgage money. If the mortgagor repays the
money the mortgagee is bound to re transfer the property to mortgagor. If mortgagor
fails to repay the mortgage money on the stimulated date, the mortgagee has right of
sale under section 67of this Act. If the event of non-payment of mortgage-money
(debt) under an English mortgage, a decree of foreclosure is not passed. In this form
of mortgage, the mortgagee has right to apply for passing decree for sale of the
mortgage property.
Essential elements of English mortgage are as under:
1. The mortgagor binds himself to repay the mortgage money on a certain date.
2. The mortgage property is transferred absolutely to mortgagee.
3. The absolute transfer is subject to a proviso that mortgagee will re transfer the
property to mortgagor on payment of mortgage money on the said date.

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An essential feature of English mortgage is that mortgagor binds himself to repay the loan by
transferring the property absolutely. The use of word 'absolutely' creates doubt because
mortgage as such is a transfer of only some interest in the property. In every kind of
mortgage only some interest is conveyed; not the absolute interest. This inconsistency occurs
because this form of mortgage has been borrowed from English law where mortgagor has an
equitable interest in the property both, before as well as after the date of payment.

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MORTGAGE BY DEPOSIT OF TITLE-DEEDS-
Where a person in any of the following towns, namely, the towns of Calcutta, Madras, and
Bombay, and in any other town which the State Government concerned may, by notification
in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of
title to immovable property, with intent to create a security thereon, the transaction is called a
mortgage by deposit of title- deeds.
Mortgage by deposit of title deeds is a peculiar kind of mortgage. It is peculiar in the sense
that in this mortgage, execution of mortgage deed by mortgagor is not necessary. Mere
deposit of title deeds of an immovable property by mortgagor to mortgagee is sufficient. Title
deeds are those documents which operate as are legal proof that a person owns a particular
property. The object of this kind of mortgage is to provide easy mode of taking loans in
urgent need specially by trading community of the commercial towns. Mortgage by deposit
of title deed is unique because it does not require registration and other formalities.
There are three essential ingredients for the creation of mortgage by deposit of title deeds as
per section 58(f) of the Transfer of Property Act, firstly, there must be a creditor; Secondly,
there must be delivery by the mortgagor to the creditor or his agent of the documents of title
of the immovable property; and thirdly, it should be done with the intent to create security
thereon. There may be a constructive deposit instead of an actual one. In United Bank of
India Ltd. v. M/S Lekharam Sonaram and co. and others, Supreme Court held that the
essence of a mortgage by deposit of title deeds is the actual handing over by a borrower to
the lender of documents of title to immovable property with the intention that those
documents shall constitute a security which will enable the creditors ultimately recover the
money which he has lent.
Mere possession of a title deed by a person claiming to the mortgage under mortgage by
deposit of title deeds is also protected under Law of Evidence. Section 90 of the Indian
Evidence Act provides as the presumption as to 30 years old document, originating from
proper custody and it reads as under.

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“Where any document, purporting to be 30 years old, is produced from any custody which
the court in the particular case considers proper, the court may presume that the signature
and every other part of such document, which purports to be in the handwriting and, in the
case of a document executed or attested, that it was duly executed and attested.
EXPLANATION- Documents are said to be in proper custody if they are in the place in
which, and under the care of the person with whom, they would naturally be: but no custody
is improper if it is proved to have had a legitimate origin, or if the circumstances of the
particular case are such as to render such an origin probable.”
The mandate of the provision reflects that any person in possession of property and the title
deed as mortgagee shall presumed to be a mortgage by deposit of title deed.
Under English law, a mortgage by deposit of title deeds is known as equitable mortgage. It is
called equitable mortgage because in the absence of any legally executed document, merely
on the basis of possession of title deeds by mortgagee, equity would assure return of his
money. In the words of Lord Cairns, “it will establish rule of equity that a deposit a
document of title without more, without writing, without word of mouth, will create equity a
charge upon the property referred to.”
Essential elements of mortgage by deposit of title deeds-According to section 58(f), where a
person in any of the specified towns, delivers to a creditor or his agent document of title to
immovable property, with intent to create thereon, the transaction is called a mortgage by
deposit of title deeds, under this definition, the essential elements of a mortgage by deposit of
title deeds are:-
1.Existence of a debt;
2. Deposit of title deeds;
3. Intention to create security, and;
4. Territorial restrictions; application to this form of mortgage only in specified towns.
Mere deposit of title deeds is not sufficient. The title deeds must be deposited by the debtor
with the intention of creating security for a debt. Mortgage by deposit of title deeds is
applicable only in certain specified towns of this country. Like other kinds of mortgage, and
equitable mortgage is not applicable through out the country. The mortgage by deposit of

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title deeds may be made only in Calcutta, Bombay and Madras and such other towns which
state government may by notification specify in official gazette.

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ANOMALOUS MORTGAGE
“A mortgage which is not a simple mortgage, a mortgage by conditional sale, a usufructuary
mortgage, an English mortgage or a mortgage by deposit of title-deeds within the meaning of
this section is called an anomalous mortgage.”
Section 58 has laid down several kinds of mortgage. But the classification of mortgage given
in this section is not exhaustive. Besides this forms of mortgage, there are other methods of
taking loans on the security of immovable property. These methods although not included in
section 58, but are in practice in India. Such modes of taking loans fulfill the essential
requirements of a mortgage but do not come under any category of mortgage given in this
section. These transactions are in their very nature a mortgage without any specific name.
Since most of such mortgages are either customary or combinations of two or more forms of
mortgages and thereby causing a normally (inconsistency) they are called anomalous
mortgage.
From the above study of the different kinds of mortgages defined above, together with the
provisions contained in Section 67 of the Transfer of Property Act, 1882, it will be seen that
the different kinds of mortgages confer different rights on the mortgagees for the realization
of the amount advanced by him.
The mortgagees have got rights under sections 67 to 73 of the Transfer of Property Act,
1882; Section 67 gives the right of foreclosure to the mortgagee, stating that, a suit to debar
the mortgagor to claim redemption is called a suit for foreclosure. The section says that after
the mortgage money has become due, or before decree for redemption been paid or deposited
as provided in law the mortgagee can ask the Court to pass a decree that the mortgagor shall
be debarred from claiming redemption or that the property be sold. This foreclosure can be
claimed in the cases of; (a) conditional sale, (b) anomalous mortgage reserving a right to
foreclosure, or (c) usufructuary mortgage.
Section 67 provides the right against property and section 68 provides the right against
mortgagor to the mortgagee. Under section 68 mortgagee has a right to to sue mortgagor
personally for repayment of the mortgage-money. Right to sue for mortgage-money is
available to mortgagee in addition to the right of foreclosure or sale, but only in certain
specified circumstances. The circumstances in which a mortgagee may sue has been
specifically mentioned in section 68. This remedy is available in the following cases;

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(a) where a mortgagor binds himself to repay the mortgage-money,
(b) where the mortgaged property is wholly or partially destroyed so as to render the security
insufficient without any fault of either party and mortgagor failed to provide further security,
(c) where mortgagee is deprived of or lost the whole or part of his security due to wrongful
act or default of the mortgagor,
(d) where the mortgagee is entitled to have possession of property but mortgagor fails to
deliver possession thereof without disturbance by himself or by any other person.

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