Jammu and Kashmir Restitution of Mortgaged Properties Act, 1976
No: 14 Dated: Apr, 23 1976
THE JAMMU AND KASHMIR RESTITUTION OF MORTGAGED PROPERTIES ACT, 1976
(Act No. XIV of 1976)
An Act to provide for restitution of certain mortgaged properties in the State of Jammu and Kashmir.
Be it enacted by the Jammu and Kashmir State Legislature in the Twenty-seventh year of the Republic of India as follows:-
1. Short title, extent and commencement. - (1) This Act may be called the Jammu and Kashmir Restitution of Mortgaged Properties Act, 1976.
(2) It shall extend to the whole of the State of Jammu and Kashmir.
(3) It shall come into force on such date as the Government may, by notification in the Government Gazette, appoint.
2. Mortgages of immovable property to which this Act, applies. - (1) Notwithstanding anything contained in any Law for the time being in force, this Act shall, subject to the provisions of sub-section (2) apply to-
(a) a mortgage of immovable property with or without possession whether in writing and registered under the Jammu and Kashmir Registration Act, Svt. 1977 or not, in which principal money or the value of the goods actually advanced by the mortgagees to the mortgagor does not exceed ten thousand rupees and which is subsisting on the date this Act comes into force; and
(b) a mortgages securing lone for purposes of building of a house-boat regardless of the amount of the principal money or the value of the goods-actually advanced by the mortgagee to the mortgagor and which the subsisting on the date this Act comes into force.
Explanation 1. - Mortgage in clause (b) shall include pledging of a houseboat also.
Explanation 2. - In this sub-section the expression value of the goods shall mean the value agreed upon by the parties and, where there is no such agreement, the value to be determined by the Tribunal according to the market rates prevailing at the time the goods were actually advanced.
(2) Nothing is this Act shall apply to-
(i) mortgage of lands for which provisions for redemption have been made in Jammu and Kashmir Agrarian Reforms Act, 1976;
(ii) mortgages held by the State land Development Bank, or Land Development Bank as defined in the Jammu and Kashmir Co-operative Societies Act, 1960oi any institution mentioned in section 4 (A) of the Jammu and Kashmir Alienation of Land Act, Svt, 1995 or section 140 of the Jammu and Kashmir Transfer Property Act, 1977;
(iii) mortgages held by or on behalf of the Governor or the Government of Jammu and Kashmir;
(iv) mortgages held by or on behalf of President of India or the Government of India; and
(v) mortgages held by or on behalf of such other institutions in the State as may be notified by the Government.
Explanation. - A mortgage shall be deemed to be subsisting notwithstanding decree or order for its redemption or foreclosure or sale or auction having been passed:
Provided that redemption or foreclosure of sale or auction as the case may be, has not taken place before the commencement of this Act.
3. Definitions. - In this Act unless there is anything repugnant in the subject or context-
(i) "benefits" includes any payments made by the mortgagor in kind or in cash ;
(ii) "Collector" means the officer designated as such under the Jammu and Kashmir Land Revenue Act, Svt. 1996;
(iii) "mortgagor" and "mortgagee" respectively shall include the assignee, successor-in-interest and legal representative of such mortgagor or mortgagee, as the case may be;
(iv) "prescribed" means prescribed by rules made under this Act;
(v) "Subordinate Judge" means the Subordinate Judge appointed under the Jammu and Kashmir Civil Courts Act, Svt. 1977;
(vi) the expressions "mortgage" "mortgagor" "mortgagee-deed shall have the same meanings as are assigned to them in the Jammu and Kashmir Transfer of Property Act, Svt. 1977; and
(vii) the words and expression used in this Act but not defined have the meaning assigned to them in the Jammu and Kashmir Transfer of Property Act, Svt 1977.