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Difference Between Mortgage and Charge

(1) Origination – Mortgage arises from the contract of two parties whereas charge arises due to the act or act of law of the parties.

(2) Transfer of interest – In mortgage, there is a transfer of interest in immovable property whereas in charge there is no transfer of interest in immovable property.

(3) Term Mortgage is usually for a fixed period whereas the charge may be forever.

(4) The field of the field binder is limited while the field of charge is wide.

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