Section 66 - Waste by mortgagor in possession : Transfer of Property Act, 1882

What is Waste by mortgagor in possession? Section 66 of Transfer of Property Act, 1882

 

Section 66 of Transfer of Property Act 1882 : "Waste by mortgagor in possession"

66. A mortgagor in possession of the mortgaged property is not liable to the mortgagee for allowing the property to deteriorate; but he must not commit any act which is destructive or permanently injurious thereto, if the security is insufficient or will be rendered insufficient by such act.

 

 

Explanation : A security is insufficient within the meaning of this section unless the value of the mortgaged property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the amount for the time being due on the mortgage.