In Brief
The Supreme Court decided a mortgage redemption case involving land mortgaged in 1980 and later the subject of a specific performance agreement in 1982. The mortgagee's assignee received the mortgage amount from a third party (Kalingappa) and transferred possession to him. The original mortgagors later sought to redeem the mortgage. The Court held that the mortgage was extinguished by the act of the parties when payment was received and possession transferred, even without formal endorsement on the deed. The right to redeem under Section 60 of the Transfer of Property Act is subject to extinguishment by act of the parties or court decree. Therefore, the redemption suit was not maintainable and was correctly dismissed."
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