Amendment status not verified — confirm the current text below against the official source.
Certain mortgagees who were holdtng land on verumpattam on •or after j 1st Ching am, 1111, to be deemed tenants -( 1) Notwithstanding anyth~ng to 1/ the contrary contained in any law or 111 any contract, custom or usage, or in any judgment, decree or order of court, a mort~agee with posses- sion of Immovable property situate 111 Cochin shall be deemed to be a tenant, if- (a) the property comprised in the mortgage consists. of agricul- tural land; (b) he was by himself or through any member of llis family or tarwad holding the property comprised m the mortgage as a verumpat- tamdar on or after the first day of Chingam; 1111; and • ----------------------------------------- 1 21 (c) the verumpattam was terminated after the first day of Chingam, 1111 and before the commencement of this Act, but he con- tinued in possession of the property, without interruption, by himself or through any member of his family or tarwad, as a mortgagee with possession from the date of such termination till the commencement of this Act. (2) The mortgage money or any pmtion thereof may, at the option of the mortgagor, be treated as security for rent. The mortgagor shall return the mortgage money or the portion thereof which he does not elect to treat as security for rent to the tenant within six months from the commencement of this Act.