Section 437
Mortgaged Property To Be Possessed And Enjoyed
(1) The
creditor shall possess and enjoy the property in mortgage with
possession from the date of execution of the deed thereon or from a
particular date, if any, specified in the deed, and the property in
mortgage without possession within two years of the expiration of
the date for repayment of loan by the debtor.
(2) If, for any reason, the creditor is not able to possess
and enjoy such property within the period referred to in sub-section
(1) or if the debtor does not allow, by any means, the creditor to
possess and enjoy it, the creditor may make a lawsuit in accordance
with law for effecting the possession and enjoyment of such
property.
(3) If the creditor fails to possess and enjoy the property
pursuant to sub-section (1) or to make a lawsuit for effecting its
possession and enjoyment pursuant to sub-section (2), such a
mortgage shall ipso facto be inoperative.
(4) If the deed of a mortgage becomes inoperative pursuant
to sub-section (3), the deed shall be equivalent to an unsecured
bond (Kapali).