THE TRANSFER OF PROPERTY ACT 523
(ii) English mortgagee.
(iii) Equitable mortgagee.
- They cannot sue to obtain possession. They can only sue for sale. If the Court erroneously gives him possession, that possession does not amount to foreclosure and the mortgagor can subsequently redeem the mortgage.
19 Mad. 249 (252-53) P. C.
CONDITIONS FOR THE EXERCISE OF THE RIGHT OF SALE AND FORECLOSURE .
After the mortgage-money has become due and before decree for redemption is made.
Suit must be for the whole of the mortgage-money. There cannot be a suit for the realization of a part of the mortgagemoney by sale or foreclosure of a part of the mortgage property.
Exception.— If there is a severence of the interests of the mortgagee with the consent of the mortgagor, a suit for a part may be brought by the mortgagee.
Section 67 A.
- A mortgagee who holds many mortgages against the same mortgagor must bring one suit on those mortgages in respect of which—
(i) A right to sue has accrued to him and
(ii) In respect of which he has a right to obtain the same kind of decree.
Section 65 A.
If the mortgagor could not only manage the property but, if he is lawfully in possession of the mortgaged property, he shall have the power to make leases thereof which would be binding upon the mortgagee.
After the mortgage this power of the mortgagor to deal with the property is limitted. He has not anything like general authority.
The power to lease is circumscribed by certain condition.
(i) He may lease it in accordance with local law, custom or usage.