Question
A property is mortgaged to 'A' for ₹50,000 and then to
'B' for ₹30,000. 'A' then advances a further ₹20,000 to the mortgagor. Under the Transfer of Property Act, does 'A' have priority over 'B' for the subsequent ₹20,000?Solution
Section 93 of the TPA which was inserted by the Amending Act of 1929, explicitly states that a prior mortgagee (A) cannot, in the absence of a contract to the contrary, tack a subsequent advance so as to acquire priority over an intermediate mortgagee (B) of whom they had notice.
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