Section 11 in Bihar Privileged Persons Homestead Tenancy Act, 1947
11. Usufructuary mortgage by privileged tenant.
(1)A privileged tenant may enter with any privileged person into a complete usufructuary mortage in respect of his holding or any part thereof for any period not exceeding seven years:Provided that the mortgage so entered into shall be registered under the Indian Registration Act, 1908 (XVI of 1908).(2)A privileged tenant's power to mortgage, his holding or any part thereof shall be restricted only to one form of mortgage, namely, a complete usufructuary mortgage.(3)In this Section the expression complete usufructuary mortgage means a transfer by a privileged tenant of the right of possession in his holding or any part thereof and in any building erected by him thereon, for the purpose of securing the payment of money or the return of grains advanced or to be advanced by way of loan upon the condition that the loan, with all interest thereon, shall be deemed to be extinguished by the profits arising from the land during the period of the mortgage.
