Section 8(5)(a) in Tamil Nadu Debt Relief Act, 1972

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State of Tamilnadu - Subsection

Section 8(5)(a) in Tamil Nadu Debt Relief Act, 1972

(a)Where the mortgagee has been in possession of the whole of the property mortgaged to him for an aggregate period of thirty years or more, then, notwithstanding anything contained in sections 7,11 and 12, the mortgaged debt shall be deemed to have been wholly discharged with effect from the expiry of the period of thirty years or where such period expired before the publication of this Act, with effect from the date of such publication-

(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 8(5)(a) in Tamil Nadu Debt Relief Act, 1972