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Question

What is the right of foreclosure?

A The right to enforce a mortgage Correct Answer Incorrect Answer
B The right to recover mortgage-money Correct Answer Incorrect Answer
C The right to transfer property ownership Correct Answer Incorrect Answer
D The right to obtain compensation for mortgage default Correct Answer Incorrect Answer
E The right to obtain a decree debarring the mortgagor's right to redeem Correct Answer Incorrect Answer

Solution

Transfer of Property Act Section 67. Right to fore-closure or sale: In the absence of a contract to the contrary, the mortgagee has, at any time after the mortgage-money has become due to him, and before a decree has been made for the redemption of the mortgaged property, or the mortgage-money has been paid or deposited as hereinafter provided, a right to obtain from the Court a decree that the mortgagor shall be absolutely debarred of his right to redeem the property, or a decree that the property be sold. A suit to obtain a decree that a mortgagor shall be absolutely debarred of his right to redeem the mortgaged property is called a suit for foreclosure.

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