These are more or less equivalent to simple mortgages and mortgages with possession as defined in section 58 of the Transfer of Property Act. Some of them are Panayam, Chundi Panayam, Thodu Panayam, Kaivasa Panayam; Kari Panayam; Kozhu Panayam or Kodhu- erakkam Panayam; Achu-palisa or Kudiyirupad.
Janma Panayam:
It is the transaction by which the landlord relinquishes the power to redeem his land and nothing is left to him but a nominal proprietorship. He cannot sell the proprietary right to any but the Janma panayam holder.
Panayam:
ADVERTISEMENTS:
The term used alone or in connection with Choondi or Thodu means a simple mortgage. If usufructuary it is called Kari Panayam, or Kaivasa Panayam, or Kozhu- erakam Panayam. If no period is fixed it is redeemable at any time.
Kettiyadakkam:
It is described by Major Walker, as usufructuary mortgage, the mortgager remaining in possession till he makes default in payment of interest in which event the mortgagee may enter.
Undaruthi Panayam:
ADVERTISEMENTS:
It is usufructuary mortgage where both principal and interest is paid out of the usufruct. Under this the landlord receives in advance the rent for a certain number of years and the land is let to the tenant for the same period. The tenant has no more payments to make to the landlord. When the period expires, the land is returned to the landlord.