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03 JULY TPA & EASEMENT ACT ऐसा बंधकी जिसके कब्जे में बंधक सम्पत्ति हो, उसके क्या कर्त्तव्य एवं अधिकार हैं ? लिखिए।

Rights and Liabilities of a Mortgagee in Possession

When a mortgagee (lender) takes possession of the mortgaged property, he acquires certain rights and liabilities under the Transfer of Property Act, 1882 (TPA). Such a mortgage is known as a "Usufructuary Mortgage", governed by Section 58(d) of TPA.

1. Rights of the Mortgagee in Possession

A mortgagee in possession has several rights, mainly to manage and benefit from the property until the debt is repaid.

(i) Right to Retain Possession (Section 58(d))

  • The mortgagee can retain possession of the property until the loan is fully repaid.
  • The mortgagor cannot forcibly take back possession before repayment.

(ii) Right to Profits and Income (Section 76(a))

  • The mortgagee can enjoy the rents, profits, and produce from the property.
  • These earnings must be adjusted towards the loan repayment.

(iii) Right to Make Improvements (Section 63A)

  • The mortgagee can make necessary repairs and improvements to maintain the property's value.
  • The cost of improvements can be claimed from the mortgagor if agreed upon.

(iv) Right to Recover Costs (Section 72)

  • The mortgagee can recover expenses incurred for protecting the property, such as taxes, legal fees, and maintenance costs.

(v) Right to Lease the Property

  • The mortgagee can grant leases to tenants, but they must be in line with local laws and customs.

(vi) Right to Sue for Mortgage Money (Section 68)

  • If the property fails to generate sufficient income, the mortgagee can sue the mortgagor for the unpaid amount.

2. Liabilities of the Mortgagee in Possession

A mortgagee in possession must act responsibly and not misuse the property. His key liabilities include:

(i) Duty to Manage Property as a Prudent Owner (Section 76(a))

  • The mortgagee must take reasonable care to preserve the property's value.
  • Negligence or mismanagement may make him liable for losses.

(ii) Duty to Pay Government Dues and Property Taxes (Section 76(c))

  • The mortgagee must pay all necessary public charges, including municipal taxes and land revenue.
  • If he fails, the mortgagor can recover any loss suffered.

(iii) Duty Not to Commit Waste (Section 76(d))

  • The mortgagee cannot cause permanent damage to the property.
  • Example: Cutting down valuable trees or demolishing buildings.

(iv) Duty to Apply Income Towards Debt (Section 76(g))

  • Any income from the property must be used to reduce the mortgage debt.
  • The mortgagee cannot pocket the profits for personal use.

(v) Duty to Restore Possession (Section 76(e))

  • Once the mortgage is fully repaid, the mortgagee must return the property to the mortgagor.

(vi) Duty to Render Accounts (Section 76(f))

  • The mortgagee must maintain accounts of all income and expenses related to the property.
  • The mortgagor has the right to inspect these records.

3. Conclusion

A mortgagee in possession enjoys several rights, such as retaining possession, earning income, and recovering expenses. However, he also has strict liabilities to manage the property responsibly, pay taxes, prevent damage, and return possession once the loan is repaid. If the mortgagee fails in these duties, the mortgagor can seek legal remedies under the Transfer of Property Act, 1882.

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