{"id":3063,"date":"2024-03-05T15:43:00","date_gmt":"2024-03-05T15:43:00","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=3063"},"modified":"2024-03-05T15:43:00","modified_gmt":"2024-03-05T15:43:00","slug":"which-one-of-the-following-sections-provides-statutory-duties-of-a-mortgagee-in-possession-under-the-transfer-of-property-act","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-sections-provides-statutory-duties-of-a-mortgagee-in-possession-under-the-transfer-of-property-act\/","title":{"rendered":"Which one of the following Sections provides statutory duties of a mortgagee in possession under the Transfer of Property Act ?"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Section 78&#8243; option2=&#8221;Section 76&#8243; option3=&#8221;Section 77&#8243; option4=&#8221;Section 79&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is (a).<\/p>\n<p>Section 78 of the Transfer of Property Act, 1882 provides for the statutory duties of a mortgagee in possession. The section states that a mortgagee in possession is bound to:<\/p>\n<ul>\n<li>Keep the property in good repair;<\/li>\n<li>Pay all taxes, assessments, and other outgoings;<\/li>\n<li>Collect the rents and profits;<\/li>\n<li>Account for the rents and profits;<\/li>\n<li>Keep proper accounts;<\/li>\n<li>Not make any permanent improvements without the consent of the mortgagor;<\/li>\n<li>Not sell the property without the consent of the court.<\/li>\n<\/ul>\n<p>Section 76 of the Transfer of Property Act, 1882 deals with the appointment of a receiver by the court. Section 77 of the Transfer of Property Act, 1882 deals with the rights of a mortgagee in possession. Section 79 of the Transfer of Property Act, 1882 deals with the sale of mortgaged property.<\/p>\n<p>A mortgagee in possession is a person who has taken possession of mortgaged property after the mortgagor has defaulted on the mortgage. The mortgagee in possession is responsible for managing the property and collecting the rents and profits. The mortgagee in possession is also responsible for paying the taxes, assessments, and other outgoings on the property. The mortgagee in possession is not entitled to make any permanent improvements to the property without the consent of the mortgagor. The mortgagee in possession is also not entitled to sell the property without the consent of the court.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Section 78&#8243; option2=&#8221;Section 76&#8243; option3=&#8221;Section 77&#8243; option4=&#8221;Section 79&#8243; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3063","post","type-post","status-publish","format-standard","hentry","category-law","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which one of the following Sections provides statutory duties of a mortgagee in possession under the Transfer of Property Act ?<\/title>\n<meta name=\"description\" content=\"Section 78 of the Transfer of Property Act, 1882 provides for the statutory duties of a mortgagee in possession. The section states that a mortgagee in possession is bound to:\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-sections-provides-statutory-duties-of-a-mortgagee-in-possession-under-the-transfer-of-property-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which one of the following Sections provides statutory duties of a mortgagee in possession under the Transfer of Property Act ?\" \/>\n<meta property=\"og:description\" content=\"Section 78 of the Transfer of Property Act, 1882 provides for the statutory duties of a mortgagee in possession. The section states that a mortgagee in possession is bound to:\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-sections-provides-statutory-duties-of-a-mortgagee-in-possession-under-the-transfer-of-property-act\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-05T15:43:00+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Which one of the following Sections provides statutory duties of a mortgagee in possession under the Transfer of Property Act ?","description":"Section 78 of the Transfer of Property Act, 1882 provides for the statutory duties of a mortgagee in possession. 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The section states that a mortgagee in possession is bound to:","og_url":"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-sections-provides-statutory-duties-of-a-mortgagee-in-possession-under-the-transfer-of-property-act\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-03-05T15:43:00+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-sections-provides-statutory-duties-of-a-mortgagee-in-possession-under-the-transfer-of-property-act\/","url":"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-sections-provides-statutory-duties-of-a-mortgagee-in-possession-under-the-transfer-of-property-act\/","name":"Which one of the following Sections provides statutory duties of a mortgagee in possession under the Transfer of Property Act ?","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-03-05T15:43:00+00:00","dateModified":"2024-03-05T15:43:00+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"description":"Section 78 of the Transfer of Property Act, 1882 provides for the statutory duties of a mortgagee in possession. 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