- In the absence of a contract to the contrary, the mortgagee has at any time after the mortgage-money has become [due] [In section 67, word 'due' substituted for 'payable' and 'a decree' substituted for 'an order' in three places by Act VI of 1996.] to him, and before a decree has been made for the redemption of the mortgaged property, or the mortgage money has been paid or deposited as hereinafter provided, a right to obtain from the Court [a decree] [In section 67, word 'due' substituted for 'payable' and 'a decree' substituted for 'an order' in three places by Act VI of 1996.] that the mortgagor shall be absolutely debarred of his right to redeem the property or, [a decree] [In section 67, word 'due' substituted for 'payable' and 'a decree' substituted for 'an order' in three places by Act VI of 1996.] that the property be sold.A suit to obtain [a decree] [In section 67, word 'due' substituted for 'payable' and 'a decree' substituted for 'an order' in three places by Act VI of 1996.] that a mortgagor shall be absolutely debarred of his right to redeem the mortgaged property is called a suit for foreclosure.Nothing in this section shall be deemed-(a)[ to authorise any mortgagee other than a mortgagee by conditional sale or a mortgagee under an anomalous mortgage by the terms of which he is entitled to foreclose, to institute a suit for forclosure, or a usufructuary mortgagee as such or a motgagee by conditional sale as such to institute a suit for sale ; or] [Clause (a) substituted Act VI of 1996.](b)to authorise a mortgagor who holds the mortgagee's rights as his trustee or legal representative, and who may sue for a sale of the property, to institute a suit for foreclosure ; or(c)to authorise the mortgagee of a railway, canal or other work in the maintenance of which the public are interested, to institute a suit for foreclosure or sale ; or(d)to authorise a person interested in part only of the mortgage money to institute a suit relating only to a corresponding part of the mortgaged property, unless the mortgagees have, with the consent of the mortgagor, severed their interests under the mortgage.
