Open Access Research Article
Rights and Liabilities of Mortgager and Mortgagee (By Falgu Mukati)
Published Paper
Article Details
a) To manage the property as a person of
ordinary prudence would manage if it were his own.
b) To use his best endeavour to collect
the rents and profits thereof.
c) In the absence of a contract to the
contrary, to pay Government revenue and the other charges of a public nature
and all rents out of the income of the property.
d) In the absence of a contract to the
contrary, to make such necessary repairs as the income of the property permits.
e)
Not to commit an act which is
destructive or permanently injurious to the property.
f)
When the whole or any part of the
property is insured against loss or damage by fire, in case of such loss or
damage to reinstate the insured property with the money obtained from the
insurance policy or to discharge the mortgage debt with it, if the mortgagor so
directs.
g)
To keep clear, full, and accurate
accounts of all sums received and spent by him as mortgaged and give them to
the mortgagor when asked.
h)
To debit receipts from the mortgaged
property or where such property is personally occupied by him; a fair
occupation rent thereof after deducting the expenses of management, the collection
charges, revenue, and costs of repairs, first against the interest on the
mortgage money and then against the principal.
i)
To account for the receipts from the
mortgaged property. Such accounting of receipt from the property shall be taken
instead of interest on the principal money given to the mortgagor.
Article Information
Rights and Liabilities of Mortgager and Mortgagee (By Falgu Mukati)
Author Name: Falgu Mukati
Title:
Email Id:
- Journal IJLRA
- ISSN 2582-6433
- Published 2022/04/06
About Journal
International Journal for Legal Research and Analysis
- Abbreviation IJLRA
- ISSN 2582-6433
- Access Open Access
- License CC 4.0
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