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Section 17 – The Redemption of Mortgages (Punjab) Act,1913

The Redemption of Mortgages (Punjab) Act,1913

Section 17. Cessation of interest

When the petitioner has deposited with the Collector the sum declared by him to be due on the mortgagee, and such sum is accepted by the mortgagee, or is found by the Collector to be the sum actually due, interest on the mortgage shall cease from the date of the deposit.

Where the Collector finds that a further sum is due and the petitioner deposits such further sum, interest shall cease from the date of such further deposit:

Provided that nothing in this section shall be deemed to deprive the mortgagee of his right to interest when there exists a contract that he shall be entitled to reasonable notice before payment or tender of the mortgage money :

Provided also that where a suit is instituted under section12, the court may pass such order as to interest as it deems fit.

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The Redemption of Mortgages (Punjab) Act,1913

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