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Section 62 – Transfer of Property Act 1882

Transfer of Property Act 1882

 

62. Right of usufructuary mortgagor to recover possession.—

 

In the case of a usufructuary mortgage, the mortgagor has a right to recover possession of the property 1[together with the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee],—

 

(a) where the mortgagee is authorized to pay himself the mortgage-money from the rents and profits of the property,—when such money is paid;

 

(b) where the mortgagee is authorised to pay himself from such rents and profits2[or any part thereof a part only of the mortgage-money],—when the term (if any) prescribed for the payment of the mortgage-money has expired and the mortgagor pays or tenders to the mortgagee 3[the mortgage-money or the balance thereof] or deposits it in Court as hereinafter provided.

 

———————-

1. Ins. by Act 20 of 1929, sec. 25.

 

2. Subs. by Act 20 of 1929, sec. 25, for “the interest of the principal money”.

 

3. Subs. by Act 20 of 1929, sec. 25, for “the principal money”.

 

 

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Transfer of Property Act 1882

 

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