mortgagee in possession

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A mortgagee who has exercised the right to take possession of the mortgaged property; this may happen at any time, even if there has been no default by the mortgagor. However, the mortgage deed may contain an agreement not to do this unless there is default and a court order will be needed to obtain possession in the case of a dwelling house. The court may adjourn the hearing to allow the mortgagor time to pay. The mortgagee will either receive the rents and profits if the property has been let or will manage the property. The mortgagee will be liable to account strictly for any actions and is not entitled to reap any personal benefit beyond repayment of the interest and the principal debt. The mortgagee must carry out reasonable repairs and must not damage the property.

Subjects: Financial Institutions and Services.

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