Section 66 - Waste by mortgagor in possession : Transfer of Property Act, 1882
What is Waste by mortgagor in possession? Section 66 of Transfer of Property Act, 1882
Section 66 of Transfer of Property Act 1882 : "Waste by
mortgagor in possession"
66. A mortgagor in possession of the mortgaged
property is not liable to the mortgagee for allowing
the property to deteriorate; but he must not commit
any act which is destructive or permanently
injurious thereto, if the security is insufficient
or will be rendered insufficient by such act.
Explanation : A security is insufficient within the meaning
of this section unless the value of the mortgaged property
exceeds by one-third, or, if consisting of buildings, exceeds by
one-half, the amount for the time being due on the mortgage.