Where a debt is transferred for the purpose of securing an existing or future debt, the debt so transferred, if received by the transferor or recovered by the transf eree, is applicable, first, in payment of the costs of such recovery; secondly, in or towards satisfaction of the amount for the time being secured by the transfer; and the residue, if any, belongs to the transferor or other person entitled to receive the same.
Section 134: Mortgaged debt.
The Transfer of Property Act, 1882Central Act · Act 4 of 1882
Where this provision sits
| Act | The Transfer of Property Act, 1882 |
|---|---|
| Section | 134 |
| Marginal note | Mortgaged debt. |
| Jurisdiction | Central |
| Status | In force as published by the source |
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