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Section 24
Mortgaged property in possession of mortgagee

(1) The mortgagee shall take reasonable care of the mortgaged property under his charge and protection. (2) In the case that the mortgaged property is in the charge of the mortgagee, unless otherwise agreed upon, the following shall be as follows:- (a) Expenses for insurance of the mortgaged property and the property The mortgagee shall be liable to pay the related tax or fee including the expenses of the mortgagee and such expenses shall be recovered from the said mortgaged property, (b) In case of any loss or damage to the mortgaged property due to any accident, the mortgagee shall bear the risk to the extent not covered by the insurance amount for such loss and damage, and (c) Any increase other than the amount received from the mortgaged property shall be retained by the mortgagor as additional security and he may use such amount to reduce the secured liability, unless the amount is paid to the mortgagor.