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Section 83 - Power to deposit in Court money due on mortgage : Transfer of Property Act, 1882

 

 

What is Power to deposit in Court money due on mortgage? Section 83 of Transfer of Property Act, 1882

Section 83 of Transfer of Property Act 1882 : "Power to deposit in Court money due on mortgage"

83. 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.

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.

 

TRANSFER OF PROPERTY ACT 1882

Marshalling and Contribution

Section 81 - Marshalling securities

Section 82 - Contribution to mortgage-debt

Deposit in Court

Section 83 - Power to deposit in Court money due on mortgage

Section 84 - Cessation of interest

Suits for foreclosure, sale or redemption

Section 85 - Parties to suits for foreclosure, sale and redemption

 

 

Section 86 to 90 Foreclosure and sale

Redemption

Section 91 - Persons who may sue for redemption

Section 92 - Subrogation

Section 93 - Subrogation

Section 94 - Rights of mesne mortgagee

Section 95 - Right of redeeming co-mortgagor to expenses

 

 

Section 96 - Mortgage by deposit of title-deeds

Section 97 - Application of proceeds (Repealed)

Anomalous mortgages

Section 98 - Rights and liabilities of parties to anomalous mortgages

Section 99 - Attachment of mortgaged property (Repealed)

Charges

Section 100 - Charges

 

 

Section 101 - No merger in case of subsequent encumbrance

Notice and tender

Section 102 - Service or tender on or to agent

Section 103 - Notice, etc., to or by person incompetent to contract

Section 104 - Power to make rules

Section 105 - Lease defined

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