usufructury Mortgage

Usufructuary Mortgage: 58(d)
The mortgagee is put in possession of the mortgaged property. Here by possession means legal possession not a physical possession.
The mortgagee has the right to received rents and profits accruing from the property.
He mortgagee cannot sue the mortgagor for repayment of the debt., sale or foreclosure of the mortgaged property.
If the mortgagor fails to bring a suit for redemption within 30 years, the mortgagee becomes absolute owner of the property.
Banker do not prefer this form of mortgage for the following reasons
There is no personal covenant to repay the debt.
It will take very long time to recovery money through this process

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