Certain mortgagees who were holding land on verumpattam on or after 1st Chingam, 1111, 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; (b) he was by himself or through any member of his family or tarwad holding the property comprised in the mortgage as a verumpattamdar on or after the first day of Chingam, 1111; and (c) the verumpattam was terminated after the first day of Chingam, 1111 and before the commencement of this Act, but he continued in possession of the property, without interruption, by himself or through any member of his family or tarwad, as a mortgagee with possession from the date of such termination till the commencement of this Act. (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.