Mortgaged debt.
- Where a debt is transferred for the purpose of securing an existing or future debt, the debt so transferred, if received by the transferor or recovered by the transferee, is applicable, first, in payment of the costs of such recovery ; secondly, in or towards satisfaction of the amount for the time being secured by that transfer; and the residue, if any belongs to the transferor or other person entitled to receive the same.Previous
Sec 133 — Warranty of solvency of debtor
Next
Sec 135 — Assignment of rights under marine or fire policy of insurance
Disclaimer: This section is reproduced for general informational and reference purposes only. Always verify against the latest official gazette and consult a qualified advocate before relying on any provision.