Lawzonline.com

 
 

 


   
   

 

 

66. Waste by mortgagor in possession.- A mortgagor in possession of the mortgaged property is not liable to the mortgagee for allowing the property to deteriorate; but he must not commit any act which is destructive or permanently injurious thereto, if the security is insufficient or will be rendered insufficient by such act.

Explanation: A security is insufficient within the meaning of this section unless the value of the mortgaged property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the amount for the time being due on the mortgage.

   
   
   
   
 

Central Bare Acts

  State Bare Acts
   
 

 

 

 

   
   
 
   
 
 

Home | Legal Dictionary | Law Schools | Law Digest | Bare Acts | Disclaimer |  Contact Us | Useful Links

Partner Site: E-Magazine | Articles | Fun zone | Lawyers jokes | Short stories

 
   
   
   
 

 

 

Copy right : Indu Info (All rights reserved)