No
|
Mortgage
|
Lien
|
1
|
Definition :
A mortgage is the transfer of an interest
in specific immoveable property for the purpose of securing the payment of
money advanced or to be advanced by way of loan, an existing or future debt,
or the performance of an engagement which may give rise to a pecuniary
liability.
|
Definition :
A right to keep
possession of Property belonging to another person until a debt owed by that
person is discharged.
|
2
|
Mortgage is created
either by transfer or by act of the parties
|
A lien is created
by way of an encumbrance only
|
3
|
A mortgage is an
independent and principal right and not a mere security.
|
A lien is only a
security for a debt. It is merely a right to retain possession of chattel
until payment is made.
|
4
|
a mortgage is
pre-supposes a contract between the parties
|
In lien, existence
of a contract is not always necessary in case of a lien
|
5
|
The right of
mortgage is vested in him conditionally and by way of security only
|
The right is vested
in the lienee absolutely and not merely as security.
|
6
|
A mortgagor has an infallible
right of redemption of mortgage
|
In case of lien, there
is nothing like redemption.
|
Difference between Mortgage and Lien
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