Section 443: Maximum period of mortgage without possession

1) No period of a mortgage without possession of a property shall exceed a maximum period of 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 pursuant to sub-section (3), the relevant deed shall be equivalent to an unsecured bond.