(d)Usufructuary mortgage. - Where the mortgagor delivers possession [for expressly or by implication binds himself to deliver possession] [In section 58 in clause (a) '(if any)' omitted, proviso to clause (c) added and in clause (d) first words in brackets inserted by Act VI of Samvat 1996.] of the mortgaged property to the mortgagee, and authorises him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property [or any part of such rents, and profits and to appropriate the same] [In section 58, clause (d) line seventh and eighth words in brackets substituted for the words 'and to appropriate them' and in line ninth word 'or substituted for' 'and' by Act VI of Samvat 1996.] in lieu of interest, or in payment of the mortgage-money, or partly in lieu of interest [or] [In section 58, clause (d) line seventh and eighth words in brackets substituted for the words 'and to appropriate them' and in line ninth word 'or substituted for' 'and' by Act VI of Samvat 1996.] partly in payment of the mortgage-money, the transaction is called a usufructuary mortgage and the mortgagee a usufructuary mortgagee.
