Section 81State of Jammu-Kashmir Act
Section 81: [ Marshalling securities. [Section 81 substituted Act VI of Samvat 1996.]
[ Marshalling securities. [Section 81 substituted Act VI of Samvat 1996.]
- If the owner of two or more properties mortgages them to one person and then mortgages one or more of the properties to another person, the subsequent mortgagee is, in the absence of a contract to the contrary, entitled to have the prior mortgage-debt satisfied out of the property or properties not mortgaged to him so, far as the same will extend, but not so as to prejudice the rights of the prior mortgagee or of any other person who has for consideration acquired an interest in any of the properties].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.