Transfer of Property Act, 1882
Section - 76 - Liabilities of mortgagee in possession
Liabilities of mortgagee in possession
76. When, during the continuance of the mortgage, the mortgagee takes possession of the mortgaged property,-
| (a) | - | he must manage the property as a person of ordinary prudence would manage it if it were his own; |
| (b) | - | he must try his best endeavours to collect the rents and profits thereof; |
| (c) | - | he must, in the absence of a contract to the contrary, out of the income of the property, pay the government revenue, all other charges of a public nature and all rent accruing due in respect thereof during such possession, and any arrears of rent in default of payment of which the property may be summarily sold; |
| (d) | - | he must, in the absence of a contract to the contrary, make such necessary repairs of the property as he can pay for out of the rents and profits thereof after deducting from such rents and p .... To read the full section download the app from Google Play store
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