The Government of Punjab on October 19, 2023, issued the Transfer of Property (Punjab Amendment) Act, 2023 to further amend the Transfer of Property Act, 1882.
The following amendment has been stated:
• In section 58, which states “Definitions of Mortgage”, “mortgagor”, “mortgagee”, “mortgage-money” and “mortgage-deed” after clause (f), the following has been inserted, namely:
Registration of charge in favor of the Bank:
(i) Notwithstanding anything contained in the Registration Act, 1908 (Central Act 16 of 1908), a charge in respect of which loan has been credited under clause (f), between the debtor and the creditor, shall be deemed to have been duly registered in accordance with the provisions of the Registration Act, 1908 with effect from the date of such charge or variation, as the case may be, provided that the Bank sends to the Sub-Registrar or Joint Sub-Registrar, within the local limits of whose jurisdiction, the whole or any part of the property charged is situated within a period of sixty days, through a registered post acknowledgment due or in person, a copy of the document creating such charge or variation duly certified to be true copy, by an employee of the Bank authorized to sign, on its behalf.
(ii) The Sub-Registrar or the Joint Sub-Registrar, as the case may be, receiving the declaration referred to in item (i) as immediately as practicable on receipt thereof, record in a register to be maintained in this behalf the fact of the receipt of such declaration or variation.
(iii) Charge to be created in favor of the Bank in the record of rights.- Wherever a charge is created on the land in favor of a Bank, by a land owner under clause (f), the Bank may give intimation in writing to the Tehsildar or Naib-Tehsildar, within the local limits of whose jurisdiction, the whole or any part of the property charged is situated or such other revenue official as may be designated in this behalf, by the State Government, of the particulars of the charge in its favor. The Tehsildar, Naib-Tehsildar, or other revenue official shall make a note of the particulars of the charge in the record of rights relating to the land over which the charge has been created.
This notification will come into force from October 19, 2023.
[Notification No 15-PLA-2023/54]
