Redemption of Mortgages

Suit for Redemption:-  [Section:91 of Transfer of Property Act 1882]

The Following Persons may sue for redemption:-

Section 91 of the Transfer of Property Act provides that besides the mortgagor, any of the following persons may redeem, or institute a suit for redemption of, the mortgaged property, namely:

1. Any person (other than the mortgagee of the interest sought to be redeemed) who has any interest in, or charge upon, the property mortgaged or in or upon the right to redeem the same;
2. Any surety for the payment of the mortgage-debt or any part thereof; or
3. Any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property.

Subrogation  [Section: 92 of Transfer of Property Act 1882]

Section 92 of the Transfer of Property Act provides that any of the persons referred to in s 91 (other than the mortgagor) and any co-mortgagor shall, on redeeming property subject to the mortgage, have, so far as regards redemption, foreclosure or sale of such property, the same rights as the mortgagee whose mortgage he redeems may have against the mortgagor or any other mortgagee.

The right conferred by this section is called the right of subrogation, and a person acquiring the same is said to be subrogated to the rights of the mortgagee whose mortgage he redeems.

A person who has advanced to mortgagor money with which the mortgage has been redeemed shall be subrogated to the rights of the mortgagee whose mortgage has been redeemed, if the mortgagor has by a registered instrument agreed that such persons shall be so subrogated.

However, the above provisions of s 92 shall not be deemed to confer a right of subrogation on any person unless the mortgage in respect of which the right is claimed has been redeemed in full.

What is Transfer of Property?

Liabilities of mortgagee in possession

Rights and liabilities of co-sureties.

Doctrines in Mortgage

Redemption of Mortgages

What is Mortgage?

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