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  • Liabilities of mortgagee in possession Loss occasioned by his default


    : Liabilities of mortgagee in possession Loss occasioned by his default

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  • About :: When, during the continuance of the mortgage, the mortgagee takes possession of the mortgaged property,? (a) he must manage the property as a person of ordinary prudence would manage it if it were his own; (b) he must use his best endeavours to collect the re ts and profits thereof; (c) he must, in the absence of a contract to the contrary, out of the income of the property, pay the Government-revenue, all other charges of a public nature 4[and all rent] accruing due in respect thereof during such possession, and any arrears of rent in default of payment of which the- property may be summarily sold; (d) he must, in the absence of a contract to the contrary, make such necessary repairs of the property as he can pay for out of the rents and profits thereof after deducting from such rents and profits the payments mentioned in clause (c)and the interest on the principal money; (e) he must not commit any act which is destructive or permanently injurious to the property; (f) where he has insured the whole or any p