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Section 60A - Obligation to transfer to third party instead of re-transference to mortgagor : Transfer of Property Act, 1882

What is the Obligation to transfer to third party instead of re-transference to mortgagor? Section 60A of Transfer of Property Act, 1882

 

Section 60A of Transfer of Property Act 1882 : "Obligation to transfer to third party instead of re-transference to mortgagor"

60A. (1) Where a mortgagor is entitled to redemption, then, on the fulfilment of any conditions on the fulfilment of which he would be entitled to require a re-transfer, he may require the mortgagee, instead of re-transferring the property, to assign the mortgage-debt and transfer the mortgaged property to such third person as the mortgagor may direct; and the mortgage shall be bound to assign and transfer accordingly.

 

 

(2) The rights conferred by this section belong to and may be enforced by the mortgagor or by encumbrancer notwithstanding an intermediate encumbrance; but the requisition of any encumbrancer shall prevail over a requisition of the mortgagor and, as between encumbrancers, the requisition of the prior encumbrancer shall prevail over that of subsequent encumbrancer.

(3) The provisions of this section do not apply in the case of a mortgagee who is or has been in possession.

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