Section 358: Power to rent, lease or mortgage property under provision of usufruct

1) The usufructuary may, if he or she so desires, rent, lease or mortgage the property obtained under the provision of usufruct, by executing a deed, subject to the contract referred to in sub-section (2) of Section 352.

Provided that:

(1) It is not required to execute a deed for renting a property for a monthly rent not exceeding twenty thousand rupees.

(2) If a property is so rented, leased or mortgaged, the usufructuary shall give information thereof to the owner.

(3) The property obtained under the provision of usufruct may not be rented, leased or mortgaged for a period that exceeds the validity period of usufruct.

2) The usufructuary shall, in renting, leasing or mortgaging the property obtained under the provision of usufruct, mention in the relevant deed that the property is under the provision of usufruct.

3) If a rent, lease or mortgage of the property obtained under the provision of usufruct is executed in contravention of sub-sections (1) and (2), such a transaction shall ipso facto be void.

4) A person who obtains a property on rent, lease or mortgage pursuant to sub-section (1) shall be entitled to enjoy the property as if the person were the usufructuary.