Transfer of Property Act Charges

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399

Where immovable property of one person is by act of parties or operation of law made security for the payment of money to another, and the transaction does not amount to a mortgage, the latter person is said to have a charge on the property; and all the provisions contained in the Transfer of Property Act which apply to a simple mortgage shall, so far as may be applicable, apply to such charge. Thus charge can be contractual or statutory.