Which of the following is usufructuary mortgage?
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Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money.
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Where, without delivery of the possession to the mortgage, mortgagee retains the profit of the property.
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Where mortgagor binds himself to repay the mortgage money on a certain date.
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None of these
Option (1) is incorrect: It is an ingredient of English mortgage. Option (2) is incorrect: It is an ingredient of English mortgage. Option (3) is incorrect: It is an ingredient of English mortgage. Option (4) is correct: Where the mortgagor delivers possession expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee, and authorises him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property or any part of such rents and profits and to appropriate the same in lieu of interest or in payment of the mortgage-money, or partly in lieu of interest or partly in payment of the mortgage-money, the transaction is called a usufructuary mortgage.