https://www.taxtmi.com/caselaws?id=277633 A mortgage of a lease under Indian law transfers only a security interest and does not operate as an absolute assignment of the leasehold. The mortgagor retains a continuing legal interest, including the statutory right of redemption, so the whole interest does not pass to the mortgagee. Section 58(e) describes one form of mortgage but does not convert it into a transfer in substance. Accordingly, a mortgagee of a lease does not become an assignee by privity of estate with the lessor and is not liable for the lease burdens on that basis. en-us Tue, 29 Nov 1938 00:00:00 +0530 Fri, 14 Dec 2018 16:51:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277633 A mortgage of a lease under Indian law transfers only a security interest and does not operate as an absolute assignment of the leasehold. The mortgagor retains a continuing legal interest, including the statutory right of redemption, so the whole interest does not pass to the mortgagee. Section 58(e) describes one form of mortgage but does not convert it into a transfer in substance. Accordingly, a mortgagee of a lease does not become an assignee by privity of estate with the lessor and is not liable for the lease burdens on that basis. Case-Laws Indian Laws Tue, 29 Nov 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277633