X, the owner of an agricultural land, borrowed ₹ 5 lakh from Y. To secure the loan, X executed an Usufructuary Mortgage in Y's favour, putting Y in possession of the land with the right to collect rents and profits until

According to section 60 of the Transfer of Property Act, 1882, at any time after the principal money has become due, the mortgagor has a right, on payment or tender, at a proper time and place, of the mortgage money, to require the mortgagee (a) to deliver to the mortgagor the mortgage-deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee, (b) where the mortgagee is in possession of the mortgaged property, to deliver possession thereof to the mortgagor, and (c) at the cost of the mortgagor either to re-transfer the mortgaged property to him or to such third person as he may direct, or to execute and (where the mortgage has been effected by a registered instrument) to have registered an acknowledgement in writing that any right in derogation of his interest transferred to the mortgagee has been extinguished: Provided that the right conferred by this section has not been extinguished by act of the parties or by decree of a Court. The right conferred by this section is called a right to redeem and a suit to enforce it is called a suit for redemption. Nothing in this section shall be deemed to render invalid any provision to the effect that, if the time fixed for payment of the principal money has been allowed to pass or no such time has been fixed, the mortgagee shall be entitled to reasonable notice before payment or tender of such money. In the case of Seth Ganga Dhar vs Shankar Lal & Others, AIR 1958 SUPREME COURT 770, it was highlighted that the rule against clogs on the equity of redemption is that, a mortgage shall always be redeemable and a mortgagor's right to redeem shall neither be taken away nor be limited by any contract between the parties. Mere expiry of the mortgage period does not extinguish the right of redemption, particularly in the case of a usufructuary mortgage. Time is not of the essence in a usufructuary mortgage unless expressly and validly made so by a registered instrument extinguishing the right of redemption. Therefore, even though the mortgage deed stipulated repayment within five years, X's right of redemption does not get extinguished merely due to lapse of time.