Section 62 in The Transfer of Property Act, 1882

Title: Right of usufructuary mortgagor to recover possession.

Description: 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".

Title: Accession to mortgaged property.

Description: Where mortgaged property in possession of the mortgagee has, during the continuance of the mortgage, received any accession, the mortgagor, upon redemption, shall, in the absence of a contract to the contrary, be entitled as against the mortgagee to such accession. Accession acquired in virtue of transferred ownership.-- Where such accession has been acquired at the expense of the mortgagee, and is capable of separate possession or enjoyment without detriment to the principal property, the mortgagor desiring to take the accession must pay to the mortgagee the expense of acquiring it. If such separate possession or enjoyment is not possible, the accession must be delivered with the property; the mortgagor being liable, in the case of an acquisition necessary to preserve the property from destruction, forfeiture or sale, or made with his assent, to pay the proper c ost thereof, as an addition to the principal money, 1[with interest at the same rate as is payable on the principal, or, where no such rate is fixed, at the rate of nine per cent. per annum.] In the case last mentioned the profits, if any, arising from the accession shall be credited to the mortgagor. Where the mortgage is usufructuary and the accession has been acquired at the expense of the mortgagee, the profits, if any, arising from the accession shall, in the absence of a contract to the contrary, be set off against interest, if any, payable on the money so expended. 1. Subs. by Act 20 of 1929, s. 26, for "at the same rate of interest".

Title: Improvements to mortgaged property.

Description: 1[63A. Improvements to mortgaged property.-- (1) Where mortgaged property in possession of the mortgagee has, during the continuance of the mortgage, been improved, the mortgagor, upon redemption, shall, in the absence of a contract to the contrary, be entitled to the improvement; and the mortgagor shall not, save only in cases provided for in sub-section (2), be liable to pay the cost thereof. (2) Where any such improvement was effected at the cost of the mortgagee and was necessary to preserve the property from destruction or deterioration or was necessary to prevent the security from becoming insufficient, or was made in compliance with the lawful order of any public servant or public authority, the mortgagor shall, in the absence of a contract to the contrary, be liable to, pay the proper cost thereof as an addition to the principal money with interest at the same rate as is payable on the principal, or, where no such rate is fixed, at the rate of nine per cent. per annum, and the profits, if any, accruing by reason of the improvement shall be credited to the mortgagor.] 1. Ins. by s. 27, ibid.

Title: Renewal of mortgaged lease.

Description: Where the mortgaged property is a lease 1***, and the mortgagee obtains a renewal of the lease, the mortgagor, upon redemption, shall, in the absence of a contract by him to the contrary, have the benefit of the new lease. 1. The words "for a term of years" omitted by s. 28, ibid.

Title: Implied contracts by mortgagor.

Description: In the absence of a contract to the contrary, the mortgagor shall be deemed to contract with the mortgagee,-- (a) that the interest which the mortgagor professes to transfer to the mortgagee subsists, and that the mortgagor has power to transfer the same ; (b) that the mortgagor will defend, or, if the mortgagee be in possession of the mortgaged property, enable him to defend, the mortgagor's title thereto; (c) that the mortgagor will, so long as the mortgagee is not in possession of the mortgaged property, pay all public charges accruing due in respect of the property; (d) and, where the mortgaged property is a lease 1***, that the rent payable under the lease, lease, the conditions contained therein, and the contracts binding on the lessee have been paid, performed and observed down to the commencement of the mortgage; and that the mortgagor will, so long as the security exists and the mortgagee is not in possession of the mortgaged property, pay the rent reserved by the lease, or, if the lease be renewed, the renewed lease, perform the conditions contained therein and observe the contracts binding on the lessee, and indemnify the mortgagee against all claims sustained by reason of the non-payment of the said rent or the a non-performance or non-observance of the said conditions and contracts; (e) and, where the mortgage is a second or subsequent incumbrance on the property, that the mortgagor will pay the interest from time to time accruing due on each prior incumbrance as and when it becomes due, and will at the proper time discharge the principal money due on such prior incumbrance. 2* * * * *. The benefit of the contracts mentioned in this section shall be annexed to and shall go with the interest of the mortgagee as such, and may be enforced by every person in whom that interest is for the whole or any part thereof from time to time vested. 1. The words "for a term of years" omitted by s. 29, ibid. 2. Certain words omitted by Act 20 of 1929, s. 29.