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Section 63 - Accession to mortgaged property : Transfer of Property Act, 1882

 

 

What is Accession to mortgaged property? Section 63 of Transfer of Property Act, 1882

Section 63 of Transfer of Property Act 1882 : "Accession to mortgaged property"

63. Where mortgaged property in possession of the mortgagee has, during the continuance of the mortgage, received any accession, the mortgagor, upon redemption, shall, in the absence of a contract to the contrary, be entitled as against the mortgagee to such accession.

Accession acquired in virtue of transferred ownership

Where such accession has been acquired at the expense of the mortgagee, and is capable of separate possession or enjoyment without detriment to the principal property, the mortgagor desiring to take the accession must pay to the mortgagee the expense of acquiring it. If such separate possession or enjoyment is not possible, the accession must be delivered with the property; the mortgagor being liable, in the case of an acquisition necessary to preserve the property from destruction, forfeiture or sale, or made with his assent, to pay the proper cost thereof, as an addition to the principal money, with interest at the same rate as is payable on the principal, or, where no such rate is fixed, at the rate of nine per cent per annum.

In the case last mentioned the profits, if any, arising from the accession shall be credited to the mortgagor.

Where the mortgage is usufructuary and the accession has been acquired at the expense of the mortgagee, the profits, if any, arising from the accession shall, in the absence of a contract to the contrary, be set off against interest, if any, payable on the money so expended.

 

 

 

TRANSFER OF PROPERTY ACT 1882

Section 60A - Obligation to transfer to third party instead of re-transference to mortgagor

Section 60B - Right to inspection and production of documents

Section 61 - Right to redeem separately or simultaneously

Section 62 - Right of usufructuary mortgagor to recover possession

Section 63 - Accession to mortgaged property

 

 

Section 63A - Improvements to mortgaged property

Section 64 - Renewal of mortgaged lease

Section 65 - Implied contracts by mortgagor

Section 65A - Mortgagor's power to lease

 

 

Section 66 - Waste by mortgagor in possession

Rights and liabilities of Mortgagee

Section 67 - Right to foreclosure or safe

Section 67A - Mortgagee when bound to bring one suit on several mortgages

Section 68 - Right to sue for mortgage-money

Section 69 - Power of sale when valid

Section 69A - Appointment of receiver

Section 70 - Accession to mortgaged property

Section 71 - Renewal of mortgaged lease

Section 72 - Rights of mortgagee in possession

Section 73 - Right to proceeds of revenue sale or compensation on acquisition

 

 

Section 74 - Right of subsequent mortgagee to pay off prior mortgagee

Section 75 - Rights of mesne mortgagee against and subsequent mortgagees

Section 76 - Liabilities of mortgagee in possession

Section 77 - Receipts in lieu of interest

Priority

Section 78 - Postponement of prior mortgagee

Section 79 - Mortgage to secure uncertain amount when maximum is expressed

Section 80 - Tacking abolished

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