PARAMESWARAN NAMPPORI Vs. VARKI

JUDGEMENT

(1.) This appeal has arisen in a suit instituted by the appellant for redemption of a usufructuary mortgage under sub-s.(1) to (5) of S.11 of the Kerala Agriculturists Debt Relief Act, XXXI of 1958 (hereinafter called the Act).

(2.) The principal amount secured by the mortgage is Rs. 980/-; and it is stipulated in the deed that the usufructs of the property will be taken by the mortgagee for interest on Rs. 533/- odd and that for the balance of the mortgage amount, viz., Rs. 446 as. 3 ps. 3, the mortgagor will pay interest at 12% per annum. The mortgagor contended that in regard to the interest thus payable, he is entitled to the benefits of S.5 of the Act, and that, as he has already paid interest exceeding in the aggregate a moiety of the principal sum, he is not liable to pay any further amount towards interest. Those contentions have been accepted by the Munsiff and in execution of his decree the mortgagor has taken possession of the property. On appeal by the mortgagee the Subordinate Judge, Meenachil, has overruled the contentions of the mortgagee, who challenges the correctness thereof in this Second Appeal.

(3.) Sub-s.(2) of S.11 of the Act provides: