Which of the following sections of the Transfer of Property Act provides for the doctrine of…
Section 73 gives the mortgagee rights in specified proceeds replacing the mortgaged property, including surplus from a qualifying revenue sale or compensation for compulsory…
Choose your answer
Which of the following sections of the Transfer of Property Act provides for the doctrine of substituted security?
Answer and explanation
Correct answer B
Section 73 gives the mortgagee rights in specified proceeds replacing the mortgaged property, including surplus from a qualifying revenue sale or compensation for compulsory acquisition. The proceeds function as substituted security subject to the statutory conditions and priorities. Section 72 instead concerns specified expenditure by a mortgagee.
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