Certain mortgagees with possession to be deemed tenants

(1) Notwithstanding anything to the contrary contained in any law or in any contract, custom or usage, or in any judgment, decree or order of court, a mortgagee with possession of immovable property situate in Cochin shall be deemed to be a tenant, if- (a) the property comprised in the mortgage consists of agricultural land other than land planted with rubber, coffee, tea or cashew; and (b) the interest on the mortgage amount is less than forty per cent of the total rent fixed in the mortgage document. (2) The mortgage money or any portion thereof may, at the option of the mortgagor, be treated as security for rent. The mortgagor shall return the mortgage money or the portion thereof which he does not elect to treat as security for rent to the tenant within six months from the commencement of this Act.