Section 66
Waste by mortgagor in possession.
The Transfer of Property Act, 1882
About this Act
An Act to amend the law relating to the Transfer of Property by act of Parties.
A mortgagor in possession of the mortgaged
property is not liable to the mortgagee for allowing the property to deteriorate; but he must not
commit any act which is destructive or permanently injurious thereto, if the security is
insufficient or will be rendered insufficient by such act.
Explanation.-- A security is insufficient within the meaning of this section unless the value of the mortgaged property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the amount for the time being due on the mortgage.
Explanation.-- A security is insufficient within the meaning of this section unless the value of the mortgaged property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the amount for the time being due on the mortgage.