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In a usufructuary mortgage under section 58(d) of the Transfer of Property Act, 1882, until what event…

Section 58(d) allows the mortgagee to retain possession until payment of the mortgage money and to receive and appropriate rents and profits as agreed. Those receipts may be…

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In a usufructuary mortgage under section 58(d) of the Transfer of Property Act, 1882, until what event may the mortgagee in possession retain possession and receive the rents and profits on the agreed terms?

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Answer and explanation

Correct answer A

Section 58(d) allows the mortgagee to retain possession until payment of the mortgage money and to receive and appropriate rents and profits as agreed. Those receipts may be applied towards interest, the mortgage money, or both.

Option feedback

Option A

Payment of the mortgage money is the endpoint under section 58(d), subject to the mortgage terms and section 62.

Option B

Rescission is not the statutory endpoint for this right.

Option C

Section 58(d) specifies no fixed thirty-year period.

Option D

Section 58(d) specifies no fixed ninety-nine-year period.

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