Section 76 of TPA : Section 76: Liabilities Of Mortgagee In Possession

Explanation using Example

Imagine a scenario where Mr. A has mortgaged his property to Mr. B, a bank, to secure a loan. Mr. B has taken possession of the property as per the mortgage terms. Here's how Section 76 of The Transfer of Property Act, 1882, would apply:

• Mr. B must manage Mr. A's property carefully, as if it were his own, ensuring not to neglect or misuse it.
• Mr. B should actively try to collect rent from tenants occupying the property.
• Mr. B must pay the property taxes and any public charges from the rental income, unless their agreement states otherwise.
• Essential repairs should be made by Mr. B,...

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