512 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
(ii) The exceptions fall under two heads
(a) Merely personal rights cannot be transferred.
(b) An interest in property restricted in its enjoyment to the owner personally cannot be transferred.
- This shows that there may be a mortgage of moveable property. The T. P. Act does not deal with it because the contract deals with it as a pledge. It does not prohibit.
§ THE CONTENTS OF A MORTGAGE-DEED
It is desirable that the mortgage-deed should specify certain particulars.
The debt or engagement, which is the subject-matter of the security, should be specified in the deed, otherwise the mortgagor may substitute one debt for another.
The time for the payment or performance must be specified in the deed. A stipulation that whole will be payable on payment of instalment
The deed should also contain a covenant to pay because there are various kinds of mortgages in which no debt is implied.
The property which is given in mortgage should be sufficiently described. It is true, extrinsic evidence is always admissible for the purpose of identifying any property, where the description is either indefinite or even actually misleading.
Q.—Whether a mortgage can be created on a person’s property, if such property is not specifically described ? Whether a general mortgage is valid ?
Q.—Whether a general pledge of all the property that the debtor then has, without any further distinction, can create a mortgage under our Law.
- Distinction must be made between an instrument which contains sufficiently apt words to create a security and the one in which the debtor merely agrees that, if the money is not repaid, the obligee would be at liberty to recover the debt from the whole of the debtor’s property.