Section 73 Transfer of Property Act, 1882: Right to proceeds of revenue sale or compensation on acquisition.—
Right to proceeds of revenue sale or compensation on acquisition.—
(1) Where the mortgaged property or any part thereof or any interest therein is sold owing to failure to pay arrears of revenue or other charges of a public nature or rent due in respect of such property, and such failure did not arise from any default of the mortgagee, the mortgagee shall be entitled to claim payment of the mortgage-money, in whole or in part, out of any surplus of the sale-proceeds remaining after payment of the arrears and of all charges and deductions directed by law.
(2) Where the mortgaged property or any part thereof or any interest therein is acquired under the Land Acquisition Act, 1894 (1 of 1894); or any other enactment for the time being in force providing for the compulsory acquisition of immoveable property, the mortgagee shall be entitled to claim payment of the mortgage-money, in whole or in part, out of the amount due to the mortgagor as compensation.
(3) Such claims shall prevail against all other claims except those of prior encumbrancers, and may be enforced notwithstanding that the principal money on the mortgage has not become due.]
About us:
Verma Law Associates is an offspring of Advocate Anoop Verma and other experienced Advocates/Lawyers.
Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.
After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.
During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.
We at Verma Law Associates handles all the cases pertaining to:
- Criminal Law
- Banking Law/DRT (Debt Recovery Tribunal)
- Civil Law
- Family Disputes
- Consumer Laws
- Service Law/Service Matters
- Company Law/NCLT (National Company Law Tribunal)
- Motor Accident Claims
- Property Law
Have a Question? Schedule a Consultation.
We offer initial consultations over the telephone and in person at no cost.
Talk to Advocate Anoop Verma directly
tel:+919463742964
Punjab & Haryana High Court Chandigarh, DRT Chandigarh
Email: advanoopverma@gmail.com