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Section 78 - Postponement of prior mortgagee : Transfer of Property Act, 1882

What is Postponement of prior mortgagee? Section 78 of Transfer of Property Act, 1882

 

 

Section 78 of Transfer of Property Act 1882 : "Postponement of prior mortgagee"

78. Where, through the fraud, misrepresentation or gross neglect of a prior mortgagee, another person has been induced to advance money on the security of the mortgaged property, the prior mortgagee shall be postponed to the subsequent mortgagee.

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