Section 60AState of Jammu-Kashmir Act
Section 60A: [ Obligation to transfer to third party instead of re-transference to mortgagor. [Section 60-A and 60-B added and section 61 substituted by Act VI of Samvat 1996.]
[ Obligation to transfer to third party instead of re-transference to mortgagor. [Section 60-A and 60-B added and section 61 substituted by Act VI of Samvat 1996.]
(1)
Where a mortgagor is entitled to redemption, then, on the fulfilment of any conditions on the fulfilment of which he would be entitled to require a re-transfer, he may require the mortgagee, instead of re-transferring the property, to assign the mortgage debt and transfer of mortgaged property to such third person as the mortgagor may direct ; and the mortgagee shall be bound to assign and transfer accordingly.(2)
The rights conferred by this section belong to and may be enforced by the mortgagor or by any encumbrancer notwithstanding an intermediate encumbrance ; but the requisition of any encumbrancer shall prevail over a requisition of the mortgagor and, as between encumbrancers, the requisition of a prior encumbrancer shall prevail over that of a subsequent encumbrancer.(3)
The provisions of this section do not apply in the case of a mortgagee who is or has been in possession.] [Added ibid.]Previous
Sec 60 — Right of mortgagor to redeem
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Sec 60B — Right to inspection and production of documents
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