Section 63State of Jammu-Kashmir Act

Section 63: Accession to mortgaged property

Transfer of Property Act, 1977

Accession to mortgaged property.

- Where mortgaged property in possession of the mortgagee has, during the continuance of the mortgage, received any accession, the mortgagor, upon redemption, shall, in the absence of a contract to the contrary, be entitled as against the mortgagee to such accession.Accession acquired in virtue of transfered ownership. - Where such accession has been acquired at the expense of the mortgagee, and is capable of separate possession or enjoyment without detriment to the principal property, the mortgagor desiring to take the accession must pay to the mortgagee the expense of acquiring it. If such separate possession or enjoyment is not possible, the accession must be delivered with the property ; the mortgagor being liable, in the case of an acquisition necessary to preserve the property from destruction, forfeiture or sale, or made with his assent, to pay the proper cost thereof, as an addition to the principal money, at the same rate of interest.In the case last mentioned the profits, if any, arising from the accession shall be credited to the mortgagor.Where the mortgage is usufructuary and the accession has been acquired at the expense of the mortgagee, the profits, if any, arising from the accession shall, in the absence of a contract to the contrary, be set off against interest, if any, payable on the money so expended.

Sec 62 — Right of usufructuary mortgagor to recover possession

Sec 63A — [ Improvements to mortgaged property. [Section 63-A added and in section 64 words 'for a term of years' omitted by Act VI of Samvat 1996.]

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