Friday, 9 January 2015

Usufructuarty Mortgage

When the Mortgagor delivers the possession or expressly/impliedly undertakes to deliver the immovable property for the mortgagee - to retain possession and recieve rents and profits in lieu of interest of mortgage debt- until accruing money is repaid or paid off by such rents or profits.

The Mortgagee will not have the remedy of sale or foreclosure against the mortgagor.