lRights and Duties of The Mortgagor and the Mortgagee 1. Section 60 of the Act,the mortgagor ha sthe right of redemption of the mortgaged property after payment of mortgaged money.He can take delivery of possession of the mortgaged property and the return of all the title deeds. 2. Section 60 A of the act,the mortgagor has the right to direct the mortgagee to transfer the mortgaged property to a third party instead of transferring it to the mortgagor. 3. Section 60 B of the act,the mortgagor has the right to inspect the documents in the possession of the mortgagee.But it must be only at a reasonable time.He can take copies from such documents. . Section 63 of the act,the mortgagor has the right to the properties accrued by natural means like accretion,etc..!his right is called "#ight of Accession". $. Section 65 A of the act,the mortgagor has the po%er to make lease also,but it must be %ith the constent of the mortgagee. Such lease must satisfy the prescribed conditions. &. Section 66 of the act,the mortgagor has the right to reasonable %aste of the property but he must not make permanent in'uries of destruction of the property or reduce its value.(f he does so,then he must give additional security to the mortgagee. ). Scetion 63 A of the act,the mortgagor has the right to claim improvement made by the mortgaged properties. *. !he mortgagor can avoid consolidation by the mortgagee in the mortgaged properties. +. !he mortgagor has the right to deposit the mortgage money in the court,if there is any suit relating to the property.
Duties or Liabilities of Mortgagor : 1. !he mortgagor must indemnify the mortgagee for the defective title to the proeprty.(f any third person interferes,the mortgagor must compenssate the mortgagee for the epenses incurred by him in protecting the title. 2. !he mortgagor must compensate the mortgagee for payment of all taes and public charges.Similarly %hen the property the mortgagor must pay all taes and public charges. 3. -hen the mortgaged property is leased,the mortgagor must direct the rent payable under the lease,etc.,to the mortgagee.
Rights of Mortgagee : 1. Section 67 of the act. At any time after the mortgage money has become due,the mortgagee has the right to obtain from the court, a decree for foreclosure. 2. !he mortgagor has the right to sue for the mortgage money in the follo%ing four cases,section 68 of the act. a. %hen the mortgagor binds to repay the money. b. -hen the mortgagors property is %holly or partly destroyed by any cause other than the %rongful act or default of the mortgagee. c. -hen the mortgagee is deprived of the %hole or part of his security. d. -hen the mortgagee %as entitled to possession of the mortgaged property and the mortgagor has failed to deliver it. 3. !he mortgagee has the po%er to sell the mortgaged property %ithout the intervention of the court,on default of payment of mortgage money by the mortgagor in the follo%ing three cases,Section 69 of the act.
a. -hen the mortgage is english mortgage bet%een /on Hindus,/on 0uslims,/on 0ohammedans and member of the race or sect notified by the State overnment to the fficial aette. b. -hen overnment is the mortgagee,%ith the epress provision of sale %ithout intervention of teh court. c. -hen the mortgaged property is situated at 4alcutta,0adras,Bombay or any other gaetted to%n or area. . !he mortgagee has the right of accession to the increased mortgaged property. $. !he mortgagee has the right of accession to the increased properties for renen%al of security. &. (f the mortgaged property is under lease,the mortgagee is entitled for renen%al of the lease for purpose of security. ). !he mortgagee has the right for reimbursement %ith interest for the money spent for purposes like preservation of mortgaged property etc..., *. -hen a property is mortgaged for successive debts to successive mortgagees a mesne mortgagee has the same rights against mortgagee posterior to himself as he has against the mortgagor.
Liabilities of Mortgagee : 1. A mortgagee is bound to sue on behalf of all the mortgagees in respect of %hich the mortgage money has become due in the absence of epress contract.5uring the continuance of the mortgage,the mortgagee is bound. 2. !o manage the property as aperson of ordinary prudence %ould manage if it %ere his o%n. 3. !o use his best endeavour to collect the rents and profits thereof. . (n the absence of a contract to the contrary,to pay overnment revenue and the other charges of apublic nature and all rents,out of the income of the property. $. (n the absence of a contract to the contrary,to make such necessary repairs as the income of the property permits. &. /ot to commit ant act %hich is destructive or permanently in'urious to the property. ). -hen the %hole or any part of the property is insured against loss or damamge by fire,in case of such loss or damamge to reinstate the insured property %ith the money obtained from the insurance policy or to discharge the mortgage debt %ith it,if the mortgagor so dircets. *. !o keep clear,full and accurate accounts of all sums received and spent by him as mortgaged and give them to the mortgagor %hen asked. +. !o debit receipts from the mortgaged property or %here such property is personally occupied by him a fair occupation rent thereof after deducting the epenses of management,the collection charges,revenue and costs of repairs,first agaginst the interest on the mortgage money and then against the principal. 16. !o account for the receipts from the mortgaged property.Such accounting of receipt from the proeprty shall be taken in lieu of interest on the prinicipal money given to the mortgagor. !his article is very useful to 0ortgagor and 0ortgagee to kno% their rights and liabilities of the property in the !ransfer of the property act
