Law of Mortgages

venkat reddy (Querist) 13 June 2009 This query is : Resolved
In mortgage by condition sale will morgagee had right to sell the property after expiry of the due date.please let me know.

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Uma parameswaran (Expert) 13 June 2009
Section 69 of the transfer of property Act 1882 is applicable to the creditors who were not banks and financial institutions.
Section 13 (1) of the Securitization and reconstruction of financial Assets and enforcement of Security interest Act 2002 says that ‘” Notwithstanding anything contained in section 69 or 69-A of the Transfer of Property Act 1882, any security interest created in favor of any secured creditor may be enforced ,without the intervention of the court or tribunal ,by creditor in accordance with the provisions of this Act.

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