(1) If the borrower fails to pay the loan or the interest thereof within the stipulated time, the borrower will take action according to the law, and the amount to be recovered for the loan shall be recovered by selling or auctioning the mortgage held in accordance with the prevailing market value. If it is not possible to do the above or such a sale or auction, such mortgage can be transferred to its ownership subject to the law.
(2) If the mortgaged item is sold at a price less than the amount to be recovered from the debtor under sub-section (1), the person taking the mortgage shall be entitled to recover the amount from other assets of the debtor until such amount is not reached, and if it is sold at a price higher than the amount to be recovered, the excess amount shall be returned to the debtor. Will have to do.
(3) Notwithstanding anything contained in sub-sections (1) and (2), the mortgagee shall pay the loan and the interest thereof and any other amount, unless the mortgaged item has been sold or taken possession of, at any time by his The goods can be taken back. However, due to the failure to pay the amount within the stipulated time, the person giving the mortgage will also have to bear the additional liability created on the mortgaged goods.
(4) If an object is entrusted to perform a work by taking a pledge, if such work is not completed within the stipulated time or not, the pledged item may be charged for the completion of such work or the expenses incurred in completing such work.
(5) If the work is not completed with the pledged item, the amount until such time is not reached can be taken from other assets of the person giving the pledge.