(REGULATION NO. XVII OF 1806).
7. What shall entitle mortgagor or his representative to redeem before final foreclosure, after application by mortgagee for foreclosure.
8. Procedure for mortgagee or conditional vendee desirous to foreclose mortgage or render conditional sale absolute.
1806 : Ben. Reg. XVII.BENGAL REGULATION XVII OF 1806.[ THE BENGAL LAND (REDEMPTION AND FORECLOSURE)
11th September, 1806.2[SECTIONS 7 AND 8 APPLY ALSO TO THE NORTH- WEST FRONTIER PROVINCE].
What shall entitle mortgagor or his representative to redeem before final foreclosure, after application by mortgagee for foreclosure.
7.In addition to the provisions made in the Provinces of Bengal Bihar, Orissa and Benares, by Regulation, 1, 1798 and in the Cedel, and Conqured Provinces by Regulation [XXXIV, 18.3], for the redemption of mortgaged and conditional sales of land, under deeds of bai-bail-wafa, kat – kabala or any similar designation, it is hereby provided that, when the mortgagee my have obtained possessions of the land on execution of the mortgaged deed, or at any time before a final foreclosure of the mortgage, the payment or established tender of the sum lent under any such deed of mortgage and conditional sale, or of the balance due, if any part of the principal amount shall have been discharged, or when the mortgagee may not have been put in possession of the mortgaged property, the payment or established tender of the principal sum lent, with any interest due there upon, shall entitle the mortgagor and owner of such property or his legal reprsentative, to the redemption of his property, before the mortgage is finally foreclosed in the manner provided, for by the following section; that is to say, at any time within one year (Bengal, Fasli or Willaiti, according to the era current where the mortgagee may take place) from and after the applications of the mortgagee to the zila or city court of Diwani Adalat for foreclosing the mortgage and rendering the sale conclusive in conformity with section 8 of this Regulation.Provided that such payment or tender be clearly proved to have been made to the lender and mortgagee or his legal representative or that the amount due be deposited, within the time above specified, in the Diwani Adalat of the Zila or city in which the mortgaged property may be situated, as allowed for the security of the borrowere and mortgagor, in such cases, by section 2, Regulation I, 1798, and section 12, Regulation [XXXIV, 1803] the whole of the provisions contained in which sections, as applied therein to the stipulated period of redemption are declared to be equally applicable to the extended period of one year granted for an equitable right of redemption by this Regulation.
Procedure for mortgage or conditional vendee desirous to forecelose mortgage or render conditional sale absolute.
8. Whenever the receiver or holder of a deed of mortgage and conditional sale, such as is described in the preamble and preceding sections of this Regulation, may be desirous of foreclosing the mortgage and rendering the sale conclusive on the expiration of the stipulated period or at any time subsequent before the sum lent is repaid, he shall (after demanding payment from the borrower or his representative) apply for that purpose by a written petition, to be presented by himself, or by one of the authorized vakils of the Court, to the Judge of the Zila, or city in which the mortgaged land or other property may be situdated.
The Judge, on receiving such written application, shall cause the mortgagor or his legal representative to be furnished, as soon as possible, with a copy of it’ and shall at the same time notify to him by a parwana under his seal and official signature that if he shall not redeem the property mortgaged in the manner provided for by the foregoing section within one year from the date of the notification, the mortgage will be finally, foreclosed and the conditional sale will become conclusive.
1. Reg XXXIV of 1803 was repealed by the Laws Local Extent Act, 1874 (XV of 1874), S-9 and sch. VII, Pt, II, Pakistan Code Vol. II.