Site navigation

Under the definition of a usufructuary mortgage in section 58(d) of the Transfer of Property Act, 1882,…

Section 58(d) describes authority to retain possession until payment of the mortgage money. Rents and profits may be appropriated towards interest, the mortgage money, or…

Choose your answer

Under the definition of a usufructuary mortgage in section 58(d) of the Transfer of Property Act, 1882, until what event may the mortgagee be authorised to retain possession and receive rents and profits?

Select one answer
Answer and explanation

Correct answer C

Section 58(d) describes authority to retain possession until payment of the mortgage money. Rents and profits may be appropriated towards interest, the mortgage money, or partly each. Recovery of possession is further addressed by section 62; the definition imposes no universal 30-year or 99-year term.

Option feedback

Option A

Rescission of a contract is not the statutory event stated in this mortgage definition.

Option B

The definition does not prescribe a universal 99-year possession period.

Option C

The defining authority is to retain possession until payment of the mortgage money, with rents and profits appropriated as agreed.

Option D

The definition does not prescribe a universal 30-year possession period.

Practice for these exams

Related question papers

Related exam syllabi

Related questions in this topic