516 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
§ Right to redeem
Section 60
- The right to redeem entitles the mortgagor to require the mortgagee to do three things—
(i) To deliver to the mortgagor the mortgage-deed.
(ii) To deliver possession if the mortgagee is in possession.
(iii) To have executed and registered an acknowledgement in writing that the right (is redeemed)*
- This right to redeem he can exercise on the following conditions:—
(i) On payment or tender of the mortgage money.
(ii) At any time after the principal money has become due.
(iii) If the right to redeem is not extinguished by act of parties or by decree of a Court
(iv) If the mortgagor is prepared to redeem the whole.
I. R IGHT TO R EDEEM
The section is not prefaced by any such words as in the absence of a contract to the contrary.
The right of redemption is therefore a statutory right which cannot be fettered by any condition which impedes or prevents redemption.
49 I.A. 60.
- Any such condition is void as a clog on redemption.
II. C LOG ON REDEMPTION —Any provision inserted in the mortgage transaction to prevent redemption by a mortgagor is void :
(1) The principle underlying the rule against clog is that, mortgage is a conveyance as a security for the payment of a debt. Nothing ought to prevent a man from getting back his security.
(2) There is a difference between sale and security. If sale, there is no right to get back property. If security, there is a right to get back property.
(3) This right cannot be taken away by a contract. If it does, it will be treated as a clog and will not be enforced.
- inserted—ed.