Section 9(5)(a) in Tamil Nadu Debt Relief Act, 1979

[Cites 0, Cited by 1] [Section 9(5)] [Section 9] [Entire Act]

State of Tamilnadu - Subsection

Section 9(5)(a) in Tamil Nadu Debt Relief Act, 1979

(a)Where the mortgagee has been in possession of the whole of the property mortgaged to him for an aggregate period of ten years or more, then, notwithstanding anything contained in sections 8 and 12, the mortgage debt shall be deemed to have been wholly discharged with effect from the expiry of the period often years or where such period expired before the 14th day of July 1978, with effect from the said date-

(i)if no interest has been stipulated for on the principal amount secured by the mortgage or any portion thereof, in addition to the usufruct from the property;

(ii)where such interest has been stipulated for, if no arrears of interest are due from the mortgagor; and

(iii)if no other sums or interest thereon are due to the mortgagee by the mortgagor in his capacity as such.

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State of Tamilnadu - Subsection

Section 9(5)(a) in Tamil Nadu Debt Relief Act, 1979