Section 67 of TPA : Section 67: Right To Foreclosure Or Sale
TPA
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Explanation using Example
Imagine John takes a loan from a bank and offers his house as collateral by mortgaging it. The agreement states that if John fails to repay the loan by a certain date, the bank has the right to recover the debt. John is unable to repay the loan when it becomes due. The bank, after waiting for a reasonable period and providing notice to John, decides to exercise its rights under the mortgage.
The bank approaches the court to obtain a decree to either foreclose John's right to redeem his house (meaning John would lose his right to ge...
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