Govinda Menon, J.-This Second Appeal has been referred to a Bench by Krish-naswami Nayudu, J., as it raises a question regarding the scope of the exempti provided for by section 9-A, clause (10)(b) of Act IV of 1938. on

The appellant before us is a usufructuary mortgagee of certain items of properties from the respondents under Exhibit A-1, dated 10th November, 1930, for Rs. 500. In his turn the appellant sub-mortgaged the mortgage right under Exhibit B-1, dated 29th July, 1945, for a sum of Rs. 3,500 along with other properties. In the suit by the respondent mortgagor for redemption claiming the benefits of the section 9-A of the Madras Agriculturists Relief Act, the appellant claimed the exemption under section 9-A, clause (10)(b). Both the lower Courts have held that he is not entitled to the exemption. Hence this Second Appeal.

Section 9-A, clause (10) (b) begins as follows:

“Nothing contained in this section except sub-sections (1) and (2) shall apply to any mortgage ........................

(b) Where during the period aforesaid the mortgagee or any of his successors-in-interest has transferred either wholly or in part the mortgagee’s rights in the property bona fide and for valua

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