Section 72 of TPA : Section 72: Rights Of Mortgagee In Possession
TPA
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Explanation using Example
Imagine Sarah has a house that she mortgages to a bank to secure a loan. The bank, as the mortgagee, has certain rights under Section 72 of the Transfer of Property Act, 1882:
- If a natural calamity damages the house, and Sarah fails to take action, the bank can spend money on repairs to prevent further damage or destruction. The bank can then add this expense to Sarah's loan balance, with interest.
- If there's a legal challenge to Sarah's ownership of the house, and she doesn't defend her title, the bank can incur legal expenses to support her title, ensuring the security of the...
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