Lawgist73Right to proceeds of revenue sale or compensation on acquisition
1[73. Right to proceeds of revenue sale or compensation on acquisition.-- (1) Where the mortgaged property or any part thereof or any interest therein is sold owing to failure to pay arrears of revenue or other charges of a public nature or rent due in respect of such property, and such failure did not arise from any default of the mortgage e, the mortgagee shall be entitled to claim payment of the mortgage-money, in whole or in part, out of any surplus of the sale-proceeds remaining after payment of the arrears and of all charges and deductions directed by law.
(2) Where the mortgaged property or any part thereof or any interest therein is acquired under the Land Acquisition Act, 1894 (1 of 1894), or any other enactment for the time being in force providing for the compulsory acquisition of immoveable property, the mortgagee shall be entitled to claim payment of the mortgage-money, in whole or in part, out of the amount due to the mortgagor as compensation.
(3) Such claims shall prevail against all other claims except those of prior encumbrances, and may be enforced notwithstanding that the principal money on the mortgage has not become due.]
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1. Subs. by s. 38, ibid., for section 78.
- 67 Right to foreclosure or sale
- 67A Mortgagee when bound to bring one suit on several mortgages
- 68 Right to sue for mortgage-money
- 69 Power of sale when valid
- 69A Appointment of receiver
- 70 Accession to mortgaged property
- 71 Renewal of mortgaged lease
- 72 Rights of mortgagee in possession
- 73 Right to proceeds of revenue sale or compensation on acquisition
- 74 [Repealed.]
- 75 [Repealed.]
- 76 Liabilities of mortgagee in possession
- 77 Receipts in lieu of interests
