The Jammu and Kashmir Restitution of Mortgaged Properties Act, 1976
The Jammu and Kashmir Restitution of Mortgaged Properties Act, 1976
The Jammu and Kashmir Restitution of Mortgaged Properties Act, 1976 provides a legal mechanism to restore pledged or mortgaged properties to borrowers. It applies to small-value mortgages of immovable property capped at ten thousand rupees and house-boat mortgages, while exempting state financial institutions and agrarian land. The law protects vulnerable debtors from exploitation by establishing tribunals to evaluate profits earned by lenders during possession. If a lender has recovered the principal with allowable interest or possessed the property for ten years, the debt is treated as fully satisfied, allowing the owner to reclaim their property without further encumbrance.
- 1. Short title, extent and commencement
- 2. Mortgages of immovable property to which this Act applies
- 3. Definitions
- 4. Jurisdiction to hear petitions
- 5. Suits for redemption or foreclosure to be tried petitions under this Act
- 6. Stay of proceeding in suits and execution of a decree for ejectment or arrears of rent against the mortgagors before the Civil Courts
- 7. Petitions for restitution
- 8. Power of transfer
- 9. Procedure for dealing with petition for restitutions
- 10. Petition when to be dismissed
- 11. Power of the Tribunal to order restitution of mortgaged property
- 12. Deposit of amount due by the mortgagor
- 13. Power of the Tribunal
- 14. Appeal and revision
- 15. Limitation for appeal
- 16. Jurisdiction of Civil Courts barred
- 17. Rule making power
- 18. Effect of provisions inconsistent with enactment
- 19. Repeat and saving
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