Section 69A(8) in The Transfer Of Property Act, 1882
(8)Subject to the provisions of this Act as to the application of insurance money, the receiver shall apply all money received by him as follows, namely:—(i)in discharge of all rents, taxes, land revenue, rates and outgoings whatever affecting the mortgaged property;(ii)in keeping down all annual sums or other payments, and the interest on all principal sums, having priority to the mortgage in right whereof he is receiver;(iii)in payment of his commission, and of the premiums on fire, life or other insurances, if any, properly payable under the mortgage-deed or under this Act, and the cost of executing necessary or proper repairs directed in writing by the mortgagee;(iv)in payment of the interest falling due under the mortgage;(v)in or towards discharge of the principal money, if so directed in writing by the mortgagee,and shall pay the residue, of any, of the money received by him to the person who, but for the possession of the receiver, would have been entitled to receive the income of which he is appointed receiver, or who is otherwise entitled to the mortgaged property.
