TRANSFER OF MORTGAGES

Section 27 CA and 134 PC & L provide for the power of the mortgagee to transfer the mortgage or the benefit of the mortgage to a transferee by executing a Deed expressed to be made by way of statutory transfer. The consequences of such transfer are:

1)The transferee acquires the right to demand, sue for, recover, and give receipt for, the mortgage money or the unpaid part of it and interest thereon (if any) as may be due.

2)The transferee acquires the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee.

Credit - llbindia.com 

3)The transferee acquires all the estates and interests I the mortgaged property then vested in the mortgagee subject to redemption of the loan.

To be continued with COVENANTS BY THE MORTGAGOR

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