Section 9 in The United Provinces Agriculturists Relief Act 1934
9. [ Form of possessory mortgage] [Republished by Section 27(1) of U.P. Act XIII of 1940, except in its application to mortgages made before the commencement of that Act].
- Notwithstanding anything containd in the Transfer of Property Act, 1882, or any contract to the contrary, no mortgage of land or grove by any agriculturist made after the commencement of this Act shall be valid if, under the terms of such mortgage possession of the mortgaged land or grove is delivered to the mortgagee, unless the mortgagee is authorized to retain such possession and to receive the rents and profits of such land or grove both in lieu of interest and towards payment of the principal, on condition that after the expiry of a fixed term not exceeding twenty years, the mortgaged land or grove shall be re-delivered to the mortgagor and the mortgage debt shall be deemed to have been discharged.Explanation (1). - For the purposes of this section "land" means and includes land which forms a mahal or a share or a portion of a mahal or specified plots in a mahal.Explanation (2).- Nothing in this section shall be construed to confer a right of effecting usufructuary mortgage of land on persons who do not possess transferable rights in such land.
