480 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
Such persons are—
Subsequent mortgagee.
Surety.
Any person having an interest in the property.
A co-mortgagor.
Any other person with whose money the mortgage has been redeemed if the mortgagor has by a registered deed agreed to this.
This is called the rule of subrogation.
II. D OES THE LAW OF SALE PRESCRIBE ANY PARTICULAR MODE OF T RANSFER ?
The Law of Sale of Immovable Property does prescribe a mode of transfer. The mode of transfer is either Registration or Delivery of Possession.
Whether the appropriate mode of transfer in any particular case is Registration or Delivery of Possession depends upon two considerations—
(i) Whether the immoveable property is tangible or intangible.
(ii) Whether the Immoveable Property is worth more than Rs.
100 or is less than Rs. 100.
If the property is Intangible then the transfer can take place only by registration, no matter what the value of the property is.
If the property is Tangible property then
(i) If it is worth more than Rs. 100 then the transfer must be by registration.
(ii) If it is worth less than Rs. 100 then the transfer may be either by Registration or by delivery of possession.
It is clear that in all cases except one, Registration is the only method of effecting a sale. The case where option is given either to register or deliver possession is the case where the property is tangible and is less than Rs. 100 in value.
Registration and Delivery as alternative complimentary modes. —In this connection the following points may be noted :—
(i) Where Registration is prescribed as the only mode of transfer, delivery of Possession is neither necessary nor enough to complete the transaction of sale.