Section 7. Persons competent to transfer

7. Persons competent to transfer.— Every person competent to contract and entitled to transferable property, or authorised to dispose of transferable property not his own, is competent to transfer such property either wholly or in part and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed by any law for the time being in force. 7. Third paragraph omitted by Act 20 of 1929, s. 20. 8. Ins. by s. 21, ibid. 9. Subs. by s. 22, ibid., for "payable". 10. Subs. by s. 22, ibid., for "the mortgage-deed, if any, to the mortgagor". 11. Subs. by Act 20 of 1929, s. 22, for["] order". Redemption of portion of mortgaged property .—Nothing in this section shall entitle a person interested in a share only of the mortgaged property to redeem his own share only, on payment of a proportionate part of the amount remaining due on the mortgage, except[1] [only] where a mortgagee, or, if there are more mortgagees than one, all such mortgagees, has or have acquired, in whole or in part, the share of a mortgager. 2 [60A. Obligation to transfer to third party instead of re-transference to mortgagor .— (1) Where a mortgagor is entitled to redemption, then, on the fulfilment of any conditions on the fulfilment of which he would be entitled to require a re-transfer, he may require the mortgagee, instead of re-transferring the property, to assign the mortgage-debt and transfer the mortgaged property to such third person as the mortgagor may direct; and the mortgagee shall be bound to assign and transfer accordingly. (2) The rights conferred by this section belong to and may be enforced by the mortgagor or by any encumbrancer notwithstanding an intermediate encumbrance; but the requisition of any encumbrancer shall prevail over a requisition of the mortgagor and, as between encumbrancers, the requisition of a prior encumbrancer shall prevail over that of a subsequent encumbrancer. (3) The provisions of this section do not apply in the case of a mortgagee who is or has been in possession.