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State of Uttar Pradesh - Section

Section 15 in The U.P. Debt Redemption Rules, 1941

15. Redemption of mortgage of protected land.

- When the judgement-debtor applies for redemption of a mortgage granted under the provisions of section 17 of the Act, the Collector shall determine the number of years which the mortgage has still to run on the 30th day of June next following the date on which the application is made. The Collector shall then refer to the table in Appendix D, and shall determine what proportion of the [money] [The word 'mortgage money' were substituted for the word 'mortgage debt', and the exisiting example was numbered as example and a new example II was inserted by U.P. Government Notification No. 1167/1-95-45, dated 24th September, 1946.] mortgage must be repaid by judgement-debtor for the redemption of his protected land.Example I. - Suppose that in the example in Rule 11 (3) the decree-holder is given a mortgage of the judgement-debtor's protected land for a term of six years, then the value of the mortgage as determined from the table in Appendix A, is Rs. 1,084. The excess amount of Rs. 84 has been adjusted by a cash payment by the decree-holder to the judgement-debtor. At the end of the fourth year the judgement-debtor desires to redeem the mortgage and a reference will then be made to the table in Appendix A. The mortgage was for six years and still has two years to run. The figure in column 6 opposite "two years" is 35-32 so that the judgement-debtor must pay 35-32 per cent of the mortgage-money in order to redeem the mortgage. That is to say, he must pay a sum of
Rs.| 1084 x 35.32100| . This comes to Rs. 382.89, or Rs. 383 which the mortgagor (judgment-debtor) must pay for the redemption of the mortgage at the end of the fourth year.
Example II. - Suppose that the amount of the decree is Rs. 3,500, and that annual net profits of the judgement-debtor's protected land are Rs. 200. Then the grant of a mortgage under section 17 of the Act, read with Rule 11 (2), means that in 20 years a sum of Rs. 2,976 will be paid to the decree-holder from the net profits of the protected land. If the judgement-debtor wishes to redeem
to mortgage, say, after 7 years then applying the formula of Rule 15, he will have to pay Rs.| 2.976 x 72.48100| = Rs. 215.70
This amount represents the present value of the sum that the creditor would have realized from the mortgaged property in a further period of 13 years had not the judgement-debtor moved for its early redemption at the end of the seventh years.Notes. - Rule 15-A was added by U.P. Government Notification No. 2676/1-580-41, dated 24th November, 1941 as amended by Notification No. 636 (ii) 1-95-1942 (1), dated 7th March, 1942.