Mortgage

Rastogi (Querist) 18 August 2015 This query is : Open
My client executed a usufructuary mortgage for one acre for a period of 3 years for INR 10000 and delivered the possession to mortgagee

After 2 years, my client executed one more mortgage deed for 2 acre including the first one mentioned above for INR 20000 with a condition that he should redeem the first mortgage and take the delivery.

will second mortgage will be still considered as usufructuary mortgage since there was no delivery of possession to the extent of one acre at the time of creation of second mortgage deed.

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