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TMI Blog1970 (9) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1950. He agreed to repay ₹ 5,000/- within a specified date and the balance was payable within two years from the date of the deed together with interest at 10 1/2%. It was further agreed that if the mortgagor failed to pay the interest periodically and regularly he would be liable to pay interest at the rate of 12% per annum from the date of such default and further if he failed to pay the entire amount stipulated within two years he would have to pay the whole amount together with interest at 3 1/2% per annum. The sum of ₹ 5,000/- was paid within the time specified but the balance remained unpaid. In January 1952 the appellant and his wife borrowed ₹ 25,000/- and jointly executed a pronote. The wife deposited her title ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions and dismissed the appeal. 4. Section 67A of the Transfer of Property Act provides that a mortgagee who holds two or more mortgages executed by the same mortgagor in respect of each of which he has a right to obtain the same kind of decree under Section 67 and who sues to obtain such decree on any one of the mortgages, shall, in the absence of a contract to the contrary, be bound to sue on all mortgages in respect of which, the mortgage-money has become due. This section was inserted by the Amending Act 20 of 1929 in view of certain conflict among the High Courts in this country, with regard to the right of the mortgagee to sue at different times on different mortgages although the mortgagor was the same. As pointed out in Mulla' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 67A but the principle embodied in that section is clearly illustrated by that case. The bar of Section 67A, therefore, could not possibly come in the way of the institution of the present suit. 5. On the question of interest we are of the view in the light of the provisions of the mortgage deed and all the circumstances that the rate of 12% is unfair and penal. We are inclined, therefore, to give this relief that the interest should be calculated at the rate of 10 1/2% (which was the original contractual rate) from the date of the mortgage to the date of the preliminary decree. Thereafter the interest shall be payable as directed by the trial court at the rate of 6% per annum till realisation. With this modification the appeal is dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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