Section 77 of Transfer of Property Act - Receipts in lieu of interest

Section 77 Transfer of Property Act Description

Nothing in section 76, clauses (b), (d), (g) and (h), applies to cases where there is a contract between the mortgagee and the mortgagor that the receipt from the mortgaged property shall, so long as the mortgagee is in possession of the property, be taken in lieu of interest on the principal money, or in lieu of such interest and defined portions of the principal.

Priority.

Click here to read more from the Transfer of Property Act