Section 2(1) in The Jammu and Kashmir Restitution of Mortgaged Properties Act, 1976
(1)Notwithstanding anything contained in any Law for the time being in force, this Act shall, subject to the provisions of sub-section (2) apply to-(a)a mortgage of immovable property with or without possession whether in writing and registered under the Jammu and Kashmir Registration Act, Svt. 1977 or not, in which principal money or the value of the goods actually advanced by the mortgagees to the mortgagor does not exceed ten thousand rupees and which is subsisting on the date this Act comes into force; and(b)a mortgages securing lone for purposes of building of a house-boat regardless of the amount of the principal money or the value of the goods-actually advanced by the mortgagee to the mortgagor and which the subsisting on the date this Act comes into force.Explanation 1. - Mortgage in clause (b) shall include pledging of a houseboat also.Explanation 2. - In this sub-section the expression value of the goods shall mean the value agreed upon by the parties and, where there is no such agreement, the value to be determined by the Tribunal according to the market rates prevailing at the time the goods were actually advanced.
