Which one of the following sections provides the statutory duties of a mortgage in possession-

The correct answer is (a) Section 77.

Section 77 of the Law of Property Act 1925 provides the statutory duties of a mortgage in possession. These duties include:

• To keep the property in good repair and condition.
• To insure the property against loss or damage.
• To pay all taxes and rates on the property.
• To collect all rents and profits from the property.
• To account to the mortgagor for all money received from the property.

A mortgage in possession is a mortgagee who has taken possession of the mortgaged property after the mortgagor has defaulted on the mortgage. The mortgagee is then responsible for managing the property and for ensuring that the mortgage debt is repaid.

The statutory duties of a mortgage in possession are designed to protect the interests of both the mortgagee and the mortgagor. The duties ensure that the property is properly maintained and that the mortgage debt is repaid.