BALWANT SINGH Vs. GAYAN SINGH

JUDGEMENT

(1.) This appeal arises out of a suit for foreclosure. The mortgage is a very old one, being dated the 9th of March, 1869. The mortgage proved for the payment of the sum of Rs. 300 with interest at 1-8 per cent. per mensem, in one lump sum upon a certain specified date, four years from the date of the mortgage. It then provided that if the money was not paid on that date the property should be the absolute property of the mortgagee. There was no stipulation of any kind for the payment of interest after the date fixed; and the mortgage, as mentioned above, was made before the passing of the Transfer of Property Act. Numerous defences were raised in the courts below.

(2.) The court of first instance gave a decree for foreclosure ascertaining the interest at the sum of Rs. 3,178-4-7 together with the Rs. 300 for principal, and provided that if payment was not made on the 20th day of July, 1912, the defendants should be absolutely debarred from all right to redeem the mortgaged property.

(3.) The lower appellate court modified the decree of the court below to this extent that it ascertained the amount due as being Rs. 300 principal together with interest at 1-8 per cent, per mensem for four years, that is to say, Rs. 300 for principal, and Rs. 216 for interest making a total of Rs. 516. Six months were allowed for payment, during which period of sis months interest at the rate of 6 per cent. per annum should run.