Section 77State of Jammu-Kashmir Act

Section 77: Receipts in lieu of interest

Transfer of Property Act, 1977

Receipts in lieu of interest.

- Nothing in section 76, clauses (b), (d), (g) and (h), applies to cases where there is a contract between the mortgagee and the mortgagor that the receipt from the mortgaged property shall, so long as the mortgagee is in possession of the property, be taken in lieu of interest on the principal money, or in lieu of such interest and defined portions of the principal.Priority.

Sec 76 — Liabilities of mortgagee in possession

Sec 78 — Postponement of prior mortgagee

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