Meaning of usufructuary mortgage

Querist : Anonymous (Querist) 24 July 2011 This query is : Resolved
The Mortgage deed says, that mortgage period is for 3 years. However, The mortgagee should retain the property till the amounts is repaid. Will that comes within meaning of usufructuary mortgage .

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R.Ramachandran (Expert) 25 July 2011
What is the kind of property under mortgage?
Whethere there is any clause in the mortgage deed which talks about adjusting any amount accruing to the mortgagee from the mortgaged property against the payment to be made by the mortgagor. In any case, one has to see the contents of the mortgage deed to come to know the intention of the parties.

Querist : Anonymous (Querist) 25 July 2011
Thanks Ramachandran. The property is agricultural land. There is no specific clause to adjust amount accruing. But understanding is that when we repay the Mortgage money we need to pay only Mortgage amount and not the interest. Accordingly interest is getting adjusted.

R.Ramachandran (Expert) 25 July 2011
Who is tilling the agricultural land during the period of mortgage?

Querist : Anonymous (Querist) 25 July 2011
it is mortgagee

R.Ramachandran (Expert) 25 July 2011
Then undoubtedly it is a usufructuary mortgage.

Querist : Anonymous (Querist) 25 July 2011
Thanks Ramachandran.

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