Which one of the following provisions of Transfer of Property Act, 1882 provides the statutory duties…
Section 76 lists the liabilities of a mortgagee in possession: he must manage the property as a person of ordinary prudence would manage his own, use his best endeavours to…
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Which one of the following provisions of Transfer of Property Act, 1882 provides the statutory duties of a mortgagee in possession ?
Answer and explanation
Correct answer A
Section 76 lists the liabilities of a mortgagee in possession: he must manage the property as a person of ordinary prudence would manage his own, use his best endeavours to collect the rents and profits, pay public charges, make necessary repairs, commit no destructive or permanently injurious act and keep clear accounts. Section 77 deals with receipts in lieu of interest, section 78 with postponement of a prior mortgagee and section 79 with a mortgage to secure an uncertain amount.
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