Doctrine of Marshalling 39 It shall not depend upon the will of one creditor to disappoint another 3...........

Transfer of Property Act Mortgage

Doctrine of Marshalling ('It shall not depend upon the will of one creditor to disappoint another') has been provided in which of the following sections of the T.P. Act?

Sections 56 and 81.

Sections 56 and 82.

Sections 56, 81, 82;

Sections 81 and 82

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Explanation:

Sections 56 and 81.

According to Section 56. Marshalling by subsequent purchaser.—If the owner of two or more properties mortgages them to one person and then sells one or more of the properties to another person, the buyer is, in the absence of a contract to the contrary, entitled to have the mortgage-debt satisfied out of the property or properties not sold to him, so far as the same will extend, but not so as to prejudice the rights of the mortgagee or persons claiming under him or any other person who has for consideration acquired an interest in any of the properties.

According to Section 81. Marshalling securities.—If the owner of two or more properties mortgages them to one person and then mortgages one or more of the properties to another person, the subsequent mortgagee is, in the absence of a contract to the contrary, entitled to have the prior mortgagedebt satisfied out of the property or properties not mortgaged to him, so far as the same will extend, but not so as to prejudice the rights of the prior mortgagee or of any other person who has for consideration acquired an interest in any of the properties.