Oudh Laws Act : Right of pre-emptor on foreclosure. Indian Bare Acts :

Oudh Laws Act,1876

Act No : 18

Section : Right of pre-emptor on foreclosure.

12. Right of pre-emptor on foreclosure. When the right of pre- emption arises in respect of the foreclosure of a mortgage 4*[or a portion of the mortgage], any person entitled to such right may, at any time within three months after the --------------------------------------------------------------------- 1. S. 9A ins. by U. P. Act 15 of 1939, s. 2. 2. The proviso ins. by s. 3, ibid. 3. Subs. by s. 4, ibid., for "aforesaid". 4. Ins. by s. 5, ibid. 59 giving of the notice required by section 10, pay or tender to the mortgagee or his successor in title the amount specified in such notice, and shall thereupon acquire a right to purchase the property, 1*[or a portion thereof, as the case may be]. On completion of the purchase the person exercising the right of pre-emption shall be bound to pay to the mortgagee or his successor in title the amount specified in such notice, together with interest on the principal sum secured by the mortgage 1*[or the proportionate amount of such principal sum in respect of the portion of the property in which he possesses the right of pre-emption, as the case may be], at the rate specified by the instrument of mortgage, for any time which has elapsed since the date of the notice, and any additional costs which may have been properly incurred by the mortgagee or his successor in title.