Section 134 of Transfer of Property Act - Mortgaged debt

Section 134 Transfer of Property Act Description

Where a debt is transferred for the purpose of securing an existing or future debt, the debt so transferred, if received by the transferor or recovered by the transferee, is applicable, first, in payment of the costs of such recovery ; secondly, in or towards satisfaction of the amount for the time being secured by that transfer; and the residue, if any belongs to the transferor or other person entitled to receive the same.

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