In Brief
The appellants (original mortgagors) sought to redeem a mortgage on their land after a third party, Kalingappa, had paid the mortgage amount to the mortgagee assignee and taken possession. The High Court dismissed their redemption suit, holding the mortgage was extinguished when the mortgagee received payment from Kalingappa and delivered possession to him. The Supreme Court affirmed this decision, holding that while Section 60 of the Transfer of Property Act grants mortgagors a redemption right, that right is extinguished when the mortgagee receives the mortgage amount and delivers possession by act of the parties—no formal registration or endorsement is needed for such extinguishment.
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