Section 73State of Jammu-Kashmir Act
Section 73: [ Right to proceeds of revenue sale or compensation on acquisition. [Section 73 substituted and sections 74 and 75 omitted by Act VI of Samvat 1996.]
[ Right to proceeds of revenue sale or compensation on acquisition. [Section 73 substituted and sections 74 and 75 omitted by Act VI of Samvat 1996.]
(1)
Where the mortgaged property or any part thereof or any interest therein is sold owing to failure to pay arrears of revenue or other charges of a public nature or rent due in respect of such property, and such failure did not arise from any default of the mortgagee, the mortgagee shall be entitled to claim payment of the mortgage money, in whole or in part, out of any surplus of the sale proceeds remaining after payment of the arrears and of all charges and deductions directed by law.(2)
Where the mortgaged property or any part thereof or any interest therein is acquired under the Land Acquisition Act, or any other enactment for the time being in force providing for the compulsory acquisition of immovable property, the mortgagee shall be entitled to claim payment of the mortgage-money, in whole or in part, out of the amount due to the mortgagor, as compensation.(3)
Such claims shall prevail against all other claims except those of prior encumbrancers, and may be enforced notwithstanding that the principal money on the mortgage has not become due.]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.