Section 10A(1) in The Jammu and Kashmir Big Landed Estates Abolition Act, 2007 (1950 A. D.)
(1)Subject to the provisions of section 10 of this Act it shall be lawful for the Collector to make the mortgage in one of the following forms-(a)if the mortgage was already a usufructuary mortgage, in the same form of mortgage by which the mortgagor delivers to the mortgagee possession of such portion of the land as will leave a reasonable margin of subsistence with the mortgagor according to the productive capacity of such land as also his financial conditions, and authorises him to retain such possession and receive the rents and benefits of the land in lieu of interest and towards payment of the principal as determined by the Collector on the condition that after expiry of the term as may be determined by the Collector but which shall not exceed the term already agreed upon in the mortgage-deed or if the term agreed on exceeds 21 years, on the expiry of 21 years from the date on which the possession of the land was transferred, the mortgage shall be extinguished and the land shall be re-delivered to the mortgagor ; or(b)if the mortgage was already without possession, in the same form of mortgage subject to the condition that if the mortgagor fails to pay principal and interest, as determined by the Collector, the mortgagee may apply to the Collector to place him in possession for such term, not exceeding 21 years as the collector considers to be equitable, the mortgage to be treated as a usufructuary mortgage for the term of the mortgagee's possession and for such sum as may be due to the mortgagee on account of the balance of principal due and of interest due, not exceeding the amount claimable as simple interest at such rate and for such period as the Collector thinks reasonable ; or(c)if the mortgage was already a written up usufructuary mortgage, in the same form of mortgage by which the mortgage retains possession with himself and recognises the mortgagee as his landlord subject to the payment of such rent as may be agreed upon, not exceeding double the amount of the land revenue assessed on the tenancy plus the rates and cesses chargeable thereon and for such term as may be determined by the Collector to be equitable, the mortgagor having no right to alienate his right of cultivating occupancy and the mortgagee having no right to eject the" mortgagor, except on the grounds provided in the Jammu and Kashmir Tenancy Act, 1980.
