History of Dharmashastra (Ancient and Mediaeval Religious and Civil Law in India) v4.c63.586.3

v4.c63.586.3

324, verses 27-28) that when the principal has been doubled or the stipulated period in the case of a pledge delivered for a certain time only has expired, the creditor becomes the owner of the pledge, after waiting for a fortnight during which the debtor may repay the debt and redeem his property. Gaut. XII. 29, Manu VIII. 143, Yāj. II. 58, Viṣṇu Dh. S. VI. 5 provide that an ādhi which is mortgaged with the condition that the fruit or profits are to be enjoyed bears no interest nor can the creditor, even after keeping such an ādhi for a long time, make a gift of it or sell it. Medhātithi on Manu VII. 143 holds that a mortgagee with possession who is to enjoy the produce cannot, by virtue of the last quarter of Manu VIII. 143, make a sub-mortgage (called *anvādhi*). Kullūka on⁷⁰⁸ the other hand says that it is common practice in all countries for a mortgagee to execute a sub-mortgage of land and the like and that Manu VIII. 143 does not forbid it. Prajāpati⁷⁰⁹ (q. by Par. M. III. p. 242) defines a deed of sub-mortgage: 'if the creditor pledges to another the thing already pledged to him for the same amount (for which it was pledged to him) he should pass a fresh deed of pledge (or mortgage) and should hand over the former deed to his own creditor.' It appears that sub-mortgages came to be recognized rather late. Bharadvāja states that if a sub-mortgage be effected without the mortgagor's consent, the mortgagee would lose his money.