New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

    Marshalling is ____________.

    A Provided only for subsequent purchaser Correct Answer Incorrect Answer
    B Provided only for subsequent mortgagee Correct Answer Incorrect Answer
    C Provided only for subsequent mortgagee or purchaser Correct Answer Incorrect Answer
    D Provided for subsequent purchaser, mortgagee and lessee Correct Answer Incorrect Answer

    Solution

    S.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. 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 mortgage debt 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

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