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.