PERIASWAMI CHETTIAR Vs. SARAMASWAMI GOUNDAN

JUDGEMENT

(1.) This petition arises out of an application under Section 19 of Madras Act IV of 1938 to scale down a mort gage decree.

(2.) The applicant (respondent here) was an assignee from the fourth defendant who was a third mortgagee. The petitioners before us represent the plaintiffs who were the first mortgageae. The mortgagor was the first defendant. The plaintiffs got a decree in 1935 which they executed and realised the full amount by the sale of the hypotheca. Plaintiffs also filed an appeal claiming an additional sum by way of interest and on 17 March, 1938, the appellate Court gave a decree for this additional sum. The plaintiffs then applied for payment of the amount of this decree out of the balance in Court deposit, and it was this application which gave rise to the application by the representative of the fourth defendant who had been brought on record in execution to scale down the decree.

(3.) In revision a number of points have been taken. The first was whether the applicant by virtue of his mortgage can be said to have a saleable interest in agricultural land which would qualify him for the benefits of the Act having regard to the definition in Section 3(ii). This point is covered by our decision in Subburama Aiyar V/s. Venkatachalapathi Aiyar , in which we have held that a simple mortgagee has such a saleable interest as to qualify him for the benefits of the Act.