claimed on
behalf of the second mortgagees alleging that the first
mortgage was redeemed by the second mortgagees although
their mortgage deed did not mention ... absence of any agreement regarding subrogation
in " the second mortgage the question of subrogation could
not be raised.
JUDGMENT:
CIVIL APPELLATE JURISDICTION : Civil Appeal
sale by the first mortgagee the
mortgagor rushed to the second mortgagee to stop the sale,
and this obviously was with a view to persuade ... second
mortgagee to prevent the sale which would otherwise affect
his own interest as such mortgagee. The theory that the
letter refers to the interest
binding
against the Bank.
We shall next deal with the second point which relates to
the reasoning on the strength of which the learned Judges ... grounds for holding that to the extent of Rs. 59,000 the
mortgage was for discharge of antecedent debts which is the
subject matter
were impleaded as defendants 3rd parties. During the
subsistence of this mortgage the plaintiffs' ancestors
executed another registered rehan bond .in June ... parties, a portion of the
mortgage money being left with these second mortgagees to
enable them to redeem the earlier mortgage. This redemption
was effected
prior mortgagee
need not be made a party to a suit for sale by a puisne
mortgagee. So far therefore as a prior mortgagee ... binding on him so as to
affect his rights under the second mortgage. He can thus
follow the property by suing his mortgagor, even though
binding on the mortgagors.
There was nothing in the mortgage deed which would prevent
the mortgagees from settling the land, even though. the land ... mortgage. The mortgagees acted in the
prudent management of the property settling the land on an
economic rent. The action of the mortgagees was, therefore
similar provision in the Rajasthan Act for
purposes of comparison. The second Schedule to that Act
provides how gross income is to be calculated ... right after it vests in the State.
Secondly, it provides that the only way in which the
mortgagee can recover his none advanced
definition of a mortgage by
conditional sale postulates the creation by the transfer of
a relation of mortgagor and mortgagee, the price being
charged ... above mentioned
balance usufructuary mortgage amount of Rs.
2,000/- from and out of the balance of the
usufructuary of mortgage properties. Should
decree dated April 27, 1954, of the Orissa
High Court, passed on second appeal, reversing the
concurrent decisions of the courts below, dismissing the
plaintiffs ... mortgagee's interest in respect of a simple mortgage bond
dated April 14, 1927, executed by the predecessors-in-
interest of the defendants second
second State when
the rate of that second State is the same or lower ; and
where the rate of the second State is higher ... with the law and the rules in force in the
second State.
The mortgage deed which is the subject-matter of the present
petition
