Difference between mortgage and charge

Difference between mortgage and charge

MORTGAGE:

                         A mortgage is the transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt or the performance of an agreement which may give rise to pecuniary liability.

CHARGE:

                  A charge is a security given for securing loans or debentures by way of a mortgage on the assets of the company. charge may be created on the assets or undertaking of the company which may be tangible or intangible.  

SL. NO	MORTGAGE	CHARGE
1	A mortgage is created by the act of the parties.	A charge is created either act of the parties or by operation of law.
2	Mortgage requires registration under transfer of property act, 1882	Charge created by operation of law is not required for registration but charge created by the parties is required to register.
3	Mortgage is created for fixed period of time	Charge may be created for perpetuity.
4	A mortgage is a transfer of an interest in specific immovable property	A charge only gives a right to receive payment out of a particular property.
5	A mortgage is good against subsequent transferees.	A charge is good against subsequent transferees with notice.
6	A simple mortgage carries personal liability unless excluded by express contract.	In case of charge no personal liability is created.