(1) No period
of a mortgage without possession in a property shall exceed five
years.
(2) No creditor is entitled to take action for effecting
possession in the property in mortgage without possession or
having recovery of the related loan from the debtor prior to the
completion of the period referred to in sub-section (1).
(3) After the expiry of the period referred to in sub-section
(1), the property may be possessed for a period not exceeding ten
years.
(4) If the property given in mortgage without possession is
not redeemed within the period of ten years after the possession
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pursuant to sub-section (3), the relevant deed shall be equivalent to
an unsecured bond.