SATYANARAYANA RAO, J. :- This Letters Patent Appeal is against the decision of Panchapakesa Aiyar, J., in C. M. S. A. No. 17 of 1948. The matter arises out of execution proceedings in pursuance of the mortgage decree in O.S. No. 512 of 1936, District Munsif Court, Kulitalai and the appellant in the appeal is the auction-purchaser in those execution proceedings.

2. One Muthurathnam Iyer filed O. S. No. 512 of 1936, District Munsifs Court, Kulitalai to enforce the security bond dated the 28th May 1928 executed by defendants 1 and 2 in favour of the members of a chit fund. The security was created on three items of property. Item 1 is a wet land bearing S. No. 188/2 of the extent of 1 acre 60 cents. Item 2 is a wet land bearing S. No. 299/1 of the extent of 84 cents and item 3 is dry land bearing S. No. 222/4 and measuring 4 acres 93 cents. The fourth defendant was impleaded in the suit as she claimed to be a puisne mortgagee over items 1 and 2 under a mortgage deed dated the 14th September 1931. It is claimed that the mortgage is a usufructuary mortgage. The fifth defendant was also a puisne mortgagee and was therefore impleaded in the suit. The mortgagee obtained a mortgag