Section 97 in The Transfer of Property Act, 1882
1[Application of proceeds.] Rep. by the Code of Civil Procedure, 1908 (5 of 1908), s. 156 and the Fifth Schedule.
1. For the repealed provisions, as re-enacted, see (Act 5 of 1908), Sch. I, Order XXXIV, rules 12 and 13.
Title: Rights and liabilities of parties to anomalous mortgages.
In the case of 1[an anomalous mortgage] the rights and liabilities of the parties shall be determined by their contract as evidenced in the mortgage-deed, and, so far as such contract does not extend, by local usage.
1. Subs. by Act 20 of 1929, s. 49, for certain words.
1[Attachment of mortgaged property.] Rep. by the Code of Civil Procedure, 1908 (5 of 1908), s. 156 and the Fifth Schedule.
1. For the repealed provisions, as re-enacted, see (Act 5 of 1908), Sch. I, Order XXXIV, rule 14.
Where immoveable property of one person is by act of parties or operation of law made security for the payment of money to another, and the transaction does not amount to a mortgage, the latter person is said to have a charge on the property; and all the provisions hereinbefore contained 1[which apply to a simple mortgage shall, so far as may be, apply to such charge].
Nothing in this section applies to the charge of a trustee on the trust property for expenses properly incurred in the execution of his trust, 2[and, save as otherwise expressly provided by any law for the time being in force, no charge shall be enforced against any property in the hands of a person to whom such property has been transferred for consideration and without notice of the charge.]
1. Subs. by Act 20 of 1929, s 50, for certain words.
2. Added by s. 50, ibid.
Title: No merger in case of subsequent encumbrance.
1[101. No merger in case of subsequent encumbrance.-- Any mortgagee of, or person having a charge upon, immoveable property, or any transferee from such Mortgagee or charge-holder, may purchase or otherwise acquire the rights in the property of the mortgagor or owner, as the case may be, without thereby causing the mortgage or charge to be merged as between himself and any subsequent mortgagee of, or person having a subsequent charge upon, the same property; and no such subsequent mortgagee or charge-holder shall be entitled to for close or sell such property without redeeming the prior mortgage or charge, or otherwise than subject thereto.]
1. Subs. by s. 51, ibid., for section 101.