law: Transfer of Property Act, 1882
  76. Liabilities of mortgagee in possession
  When, during the continuance of the mortgage, the mortgagee
  
  takes possession of the mortgaged property, -
  (a) he must manage the property as a person of ordinary prudence
  
  would manage it if it were his own;
  (b) he must try his best endeavors to collect the rents and
  
  profits thereof;
  (c) he must, in the absence of a contract to the contrary, out
  
  of the income of the property, pay the government revenue, all other charges of
  
  a public nature and all rent accruing due in respect thereof during such
  
  possession, and any arrears of rent in default of payment of which the property
  
  may be summarily sold;
  (d) he must in the absence of a contract to the contrary, make
  
  such necessary repairs of the property as he can pay for out of the rents and
  
  profits thereof after deducting from such rents and profits the payments
  
  mentioned in clause (c) and the interest on the principal money;
  (e) he must not commit any act which is destructive or permanently
  
  injurious to the property;
  (f) where he has insured the whole or any part of the property
  
  against loss or damage by fire, he must, in case of such loss or damage, apply
  
  any money which he actually receives under the policy or so much thereof as may
  
  be necessary, in reinstating the property, or, if the mortgagor so directs, in
  
  reduction or discharge of the mortgage-money;
  (g) he must keep clear, full and accurate accounts of all sums
  
  received and spent by him as mortgagee, and, at any time during the continuance
  
  of the mortgage, give the mortgagor, at his request and cost, true copies of
  
  such accounts and of the vouchers by which they are supported;
  (h) his receipts from the mortgaged property, or, where such
  
  property is personally occupied by him, a fair occupation-rent in respect
  
  thereof, shall, after deducting the expenses properly incurred for the
  
  management of the property and the collection of rents and profits and the
  
  other expenses mentioned in clauses (c) and (d), and interest thereon, be debited
  
  against him in reduction of the amount (if any) from time to time due to him on
  
  account of interest and, so far as such receipts exceed any interest due, in
  
  reduction or discharge of the mortgage-money; the surplus, if any, shall be
  
  paid to the mortgagor;
  (i) when the mortgagor tenders, or deposits in the manner
  
  hereinafter provided, the amount for the time being due on the mortgage, the
  
  mortgagee must, notwithstanding the provisions in the other clauses of this
  
  section, account for his receipts from the mortgaged property from the date of
  
  the tender or from the earliest time when he could take such amount out of
  
  court, as the case may be, and shall not be entitled to deduct any amount there
  
  from on account of any expenses incurred after such date or time in connection
  
  with the mortgaged property.
  Loss occasioned by his default- If the
  
  mortgagee fails to perform any of the duties imposed upon him by this section,
  
  he may, when accounts are taken in pursuance of a decree made under this
  
  Chapter, be debited with the loss, if any, occasioned by such failure.