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1The Transfer of Property Act, 1882

( ACT NO. IV OF 1882 )

[ 17th February, 1882 ]

Chapter IV

OF MORTGAGES OF IMMOVEABLE PROPERTY AND CHARGES

Rights and Liabilities of Mortgagor

Waste by mortgagor in possession
66. A mortgagor in possession of the mortgaged property is not liable to the mortgagee for allowing the property to deteriorate; but he must not commit any act which is destructive or permanently injurious thereto, if the security is insufficient or will be rendered insufficient by such act.
 
 
Explanation.-A security is insufficient within the meaning of this section unless the value of the mortgaged property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the amount for the time being due on the mortgage.
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    Throughout this Act, except otherwise provided, the words “Bangladesh”, “Government” and “Tk.” were substituted, for the words “Pakistan”, “Central Government” or “Provincial Government” and “Rs.” respectively by section 3 and 2nd Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973).
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