Rights of a Mortgagor

Rights and Liabilities of Mortgagor.

1. Right of mortgagor to redeem.
2. Redemption of portion of mortgaged property.
3. Right to redeem separately or simultaneously.
4. Right of usufructuary mortgagor to recover possession.
5. Power to deposit in court money due on mortgage.
6. Right to money deposited by mortgagor.

1.Right of mortgagor to redeem.

According to s 60 of TP Act, at any time after the principal money has become due, the mortgagor has a right, on payment or tender, at a proper time and place, of the mortgage-money, to require the mortgagee-

1. To deliver to the mortgagor the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee,
2. Where the mortgagee is in possession of the mortgaged property, to deliver possession thereof to the mortgagor, and
3. At the cost of the mortgagor either to re-transfer the mortgaged property to him or to such third person as he may direct, or to execute and (where the mortgage has been effected by a registered instrument) to have registered an acknowledgement in writing that any right in derogation of his interest transferred to the mortgagee has been extinguished.

 2.Redemption of portion of mortgaged property.

Section 60 of TP Act also provides that a person interested in a share only of the mortgaged property is not entitled to redeem his own share only, on payment of a proportionate part of the amount remaining due on the mortgage, except only where a mortgagee, or, if there are more mortgagees than one, all such mortgagees, has or have acquired, in whole or in part, the share of a mortgagor.

4.Right to redeem separately or simultaneously.

According to s 61 of TP Act, a mortgagor who has executed two or more mortgages in favour of the same mortgagee shall, in the absence of a contract to the contrary, when the principal money of any two or more of the mortgages has become due, be entitled to redeem any one such mortgage separately, or any two or more of such mortgages together.

5.Right of usufructuary mortgagor to recover possession.

Section 62 of TP Act provides that in the case of a usufructuary mortgage, the mortgagor has a right to recover possession of the property together with the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee,-

1. 
   Where the mortgagee is authorized to pay himself the mortgage-money from the rents and profits of the property,-when such money is paid;
2. Where the mortgagee is authorized to pay himself from such rents and profits or any part thereof a part only of the mortgage-money,-when the term (if any) prescribed for the payment of the mortgage-money has expired and the mortgagor pays or tenders to the mortgagee the mortgage-money or the balance thereof or deposits it in court.

6.Power to deposit in court money due on mortgage.

Section 83 provides that at any time after the principal money payable in respect of any mortgage has become due and before a suit for redemption of the mortgaged property is barred, the mortgagor, or any other person entitled to institute such suit, may deposit, in any court in which he might have instituted such suit, to the account of the mortgagee, the amount remaining due on the mortgage.

7. Right to money deposited by mortgagor.

The court shall thereupon cause written notice of the deposit to be served on the mortgagee, and the mortgagee may, on presenting a petition (verified in manner prescribed by law for the verification of plaints) stating the amount then due on the mortgage, and his willingness to accept the money so deposited in full discharge of such amount, and on depositing in the same court the mortgage-deed and all documents in his possession or power relating to the mortgaged property, apply for and receive the money, and the mortgage-deed, and all such other documents so deposited shall be delivered to the mortgagor or such other person as aforesaid.

Where the mortgagee is in possession of the mortgaged property, the court shall, before paying to him the amount so deposited direct him to deliver possession thereof to the mortgagor and at the cost of the mortgagor either to re-transfer the mortgaged property to the mortgagor or to such third person as the mortgagor may direct or to execute and (where the mortgage has been effected by a registered instrument) have registered an acknowledgement in writing that any right in derogation of the mortgagor's interest transferred to the mortgagee has been extinguished.

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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