Section 60 in The Transfer of Property Act, 1882
Title: Right of mortgagor to redeem.
At any time after the principal money has become 1[due], 1[due], the mortgagor has a right, on payment or tender, at a proper time and place, of the mortgage-money, to require the mortgagee (a) to deliver 2[to the mortgagor the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee], (b) where the mortgagee is in possession of the mortgaged property, to deliver possession thereof to the mortgagor, and (c) at the cost of the mortgagor either to re-transfer the mortgaged property to him or to such third person as he may direct, or to execute and (where the mortgage has been effected by a registered instrument) to have registered an acknowledgement in writing that any right in derogation of his interest transferred to the mortgagee has been extinguished:
Provided that the right conferred by this section has not been extinguished by act of the parties or by 3[decree] of a Court.
The right conferred by this section is called a right to redeem, and a suit to enforce it is called a suit for redemption.
Nothing in this section shall be deemed to render invalid any provision to the effect that, if the time fixed for payment of the principal money has been allowed to p ass or no such time has been fixed. the mortgagee shall be entitled to reasonable notice before payment or tender of such money.
Redemption of portion of mortgaged property.-- Nothing in this section shall entitle a person interested in a share only of the mortgaged property to redeem his own share only, on payment of a proportionate part of the amount remaining due on the mortgage, except 4[only] where a mortgagee, or, if there are more mortgagees than one, all such mortgagees, has or have acquired, in whole or in part, the share of a mortgager.
1. Subs. by s. 22, ibid., for "payable".
2. Subs. by s. 22, ibid., for "the mortgage-deed, if any, to the mortgagor".
3. Subs. by Act 20 of 1929, s. 22, for "order".
4. Ins. by Act 20 of 1929, s. 22.
Title: Obligation to transfer to third party instead of re -transference to mortgagor.
1[60A. Obligation to transfer to third party instead of retransference to mortgagor .-- (1) Where a mortgagor is entitled to redemption, then, on the fulfilment of any conditions on the fulfilment of which he would be entitled to require a re-transfer, he may require the mortgagee, instead of re-transferring the property, to assign the mortgage-debt and transfer the mortgaged property to such third person as the mortgagor may direct; and the mortgagee shall be bound to assign and transfer accordingly.
(2) The rights conferred by this section belong to and may be enforced by the mortgagor or by any encumbrancer notwithstanding an intermediate encumbrance: but the requisition of any encumbrancer shall prevail over a requisition of the mortgagor and, as between encumbrancers, the requisition of a prior encumbrancer shall prevail over that of a subsequent encumbrancer.
(3) The provisions of this section do not apply in the case of a mortgagee who is or has been in possession.
1. Sections 60A and 60B ins. by s. 23, ibid.
Title: Right to inspection and production of documents.
1[60B. Right to inspection and production of documents.-- A mortgagor, as long as his right of redemption subsists, shall be entitled at all reasonable times, at his request and at his own cost, and on payment of the mortgagee's costs and expenses in this behalf, to inspect and make copies or abstracts of, or extracts from, documents of title relating to the mortgaged property which arc in the custody or power of the mortgagee.]
1. Sections 60A and 60B ins. by s. 23, ibid.
Title: Right to redeem separately or simultaneously.
1[61. Right to redeem separately or simultaneously.-- A mortgagor who has executed two or more mortgages in favour of the same mortgagee shall, in the absence of a contract to the contrary, when the principal money of any two or more of the mortgages has become due, be entitled to redeem any one such mortgage separately, or any two or more of such mortgages together.]
1. Subs. by s. 24, ibid., for s. 61.
Title: Right of usufructuary mortgagor to recover possession.
In the case of a usufructuary mortgage, the mortgagor has a right to recover possession of the property 1[together with the mortgagedeed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee].—
(a) where the mortgagee is authorised to pay himself the mortgage-money] from the rents and profits of the property.--when such money is paid:
(b) where the mortgagee is authorised to pay himself from such rents and profits 2[or arty part thereof a part only of the mortgage -money,]--.when the term (if any), prescribed for the payment of the mortgage-money has expired and the mortgagor pays or tenders to the mortgagee 3[the mortgage-money or the balance thereof] or deposits it in Court as hereinafter provided.
1. Ins. by s. 25, ibid.
2. Subs. by s. 25, ibid., for "the interest of the principal money".
3. Subs. by s. 25, ibid., for "the principal money".