AIR 2014 SUPREME COURT 3447

Supreme Court Of India

Hon'ble Judge(s): T. S. Thakur, C. Nagappan, Adarsh Kumar Goel , JJJ

Transfer of Property Act (4 of 1882) , S.62, S.60— Usufructuary mortgage - Redemption of - Limitation -Usufructuary mortgagor's right under S. 62 continue till mortgage money is paid - Mere expiry of period of 30 years from date of mortgage - Does not extinguish right of mortgagor under S. 62. Limitation Act (36 of 1963) , Art.61(a)— AIR 2012 HP 1(FB), Overruled. While in case of any other mortgage, right to redeem is covered under Section 60, in case of usufructuary mortgage, right to recover possession is dealt with under Section 62 and commences on payment of mortgage money out of the usufructs or partly out of the usufructs and partly on payment or deposit by the mortgagor. This distinction in a usufructuary mortgage and any other mortgage is clearly borne out from provisions of Sections 58, 60 and 62 of the T.P. Act read with Article 61 of the Schedule to the Limitation Act. Usufructuary mortgage cannot be treated at par with any other mortgage, as doing so will defeat the scheme of Section 62 of the T.P. Act and the equity. This right of the usufructuary mortgagor is not only an equitable right, it has statutory recognition @page-SC3448 under Section 62 of the T.P. Act. There is no principle of law on which this right can be defeated. Any contrary view, which does not take into account the special right of ....