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  • Rights of mortgagee in possession


    : Rights of mortgagee in possession

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  • About :: 2[A mortgagee] may spend such money as is necessary? 3* * * * * (b) for 4[the preservation of the mortgaged property] from destruction, forfeiture or sale; (c) for supporting the mortgagor's title to the property; (d) for making his own title thereto ood against the mortgagor; and (e) when the mortgaged property is a renewable lease-hold, for the renewal of the lease; and may, in the absence of a contract to the contrary, add such money to the principal money, at the rate of interest payable on the principal, and, where no such rate is fixed, at the rate of nine per cent. per annum: 1. The words for a term of years omitted by Act 20 of 1929, s. 36. 2. Subs. by s. 37, ibid., for certain words. 3. Clause (a) omitted by s. 37, ibid. 4. Subs. by s. 37, ibid., for its preservation. 32 1[Provided that the expenditure of money by the mortgagee under clause (b) or clause (c)shall not be deemed to be necessary unless the mortgagor h