Section 8(1)(b) in Jammu and Kashmir Alienation of Land Act, SVT. 1995 (1938 A.D)

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State of Jammu-Kashmir - Subsection

Section 8(1)(b) in Jammu and Kashmir Alienation of Land Act, SVT. 1995 (1938 A.D)

(b)in the form of a mortgage without possession subject to the condition that, if the mortgagor fails to pay principal and interest, according to his contract, the mortgagee may apply to the [Deputy Commissioner] [Substituted by Act III of Samvat 2008 for "Wazir-i-Wazarat".] to place him in possession for such term, not exceeding twenty-one years, as the [Deputy Commissioner] [Substituted by Act III of Samvat 2008 for "Wazir-i-Wazarat".] may consider to be equitable, the mortgage to be treated as 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 [Deputy Commissioner] [ Substituted by Act III of Samvat 2008 for "Wazir-i-Wazarat".] thinks reasonable; or

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State of Jammu-Kashmir - Subsection

Section 8(1)(b) in Jammu and Kashmir Alienation of Land Act, SVT. 1995 (1938 A.D)