| |||||
| 72. Rights of mortgagee, in possession.- A mortgagee may spend such money as is necessary- (a) *** (b) for the preservation of the mortgaged property from destruction, forfeiture or sale; (c) for supporting the mortgagor's title to the property; (d) for making his own title thereto good against the mortgagor; and (e) when the mortgaged property is a renewable lease-hold, for the renewal of the lease, PROVIDED that the expenditure of money by the mortgagee under clause (b) or clause (c) shall not be deemed to be necessary unless the mortgagor has been called upon and has failed to take proper and timely steps to preserve the property or to support the title. Nothing in this section shall be deemed to authorise the mortgagee to insure when an insurance of the property is kept up by or on behalf of the mortgagor to the amounts in which the mortgagee is hereby authorised to insure. | ||||
State Bare Acts | |||||
| |||||
| |||||
Home | Legal Dictionary | Law Schools | Law Digest | Bare Acts | Disclaimer | Contact Us | Useful Links | |||||
| |||||
|
Copy right : Indu Info (All rights reserved)